GBP/JPY – 30M – SELL

Besides a ‘Double bottom retreat down’ chart layout is detected. The chart picture forms ‘Double bottom retreat down’. which is a negative signal. The pair is likely to go down.

The currency pair British Pound/Japanese Yen (GBP/JPY) jumps from the ascending trendline down.

The bearish trend down to the next support level at 195.69200 will continue.

Caution: A possible trend reversal in the direction of resistance at 196.84100 should be noted.
In the case of a trade, always set appropriate stop-loss settings.

Besides a ‘Three Outside Down’ candle pattern is discovered. The chart shows ‘Three Outside Down’. which is a bearish chart scenario. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Three Outside Down’ going down is 69% (Bull Market) & 70% (Bear Market).

196.32600 – 196.03400 – 195.95100 – 195.69200 – 194.01200 – 194.33200

Trading Signals: FOREX – GBP – GBP/JPY – JPY – Three Outside Down