GBP/JPY – 1H – SELLThe currency pair British Pound/Japanese Yen (GBP/JPY) goes from the ascending trendline down.
A descent downwards to the next support level at 196.15200 is expected.
Caution: A possible counter-trend in the direction of the resistance line at 198.19500 is within the realm of possibility.
In the case of a trade, always set appropriate stop-loss settings.
In addition a ‘Bearish Belt Hold’ candle chart pattern is existing. The chart shows ‘Bearish Belt Hold’. which is a bearish chart scenario. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bearish Belt Hold’ heading down is 68% (Bull Market) & 69% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | 198.19500 |
| Current Price | 197.26300 |
| Next Low | 196.15200 |
| 2nd Low | 194.01200 |
| 3rd Low | 193.75600 |
198.19500 – 196.84100 – 196.23600 – 196.15200 – 194.01200 – 194.97500
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bearish Belt Hold