GBP/JPY – 1H – SELL

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

A bearish movement down to the next support level at will persist.

Caution: A possible counter-trend in the direction of resistance at 198.00400 should be noted.
Consider stop-loss settings accordingly.

Then a ‘Exponential Moving Average 200 (EMA 200)’ indicator layout is detected. The indicator is ‘Exponential Moving Average 200 (EMA 200)’. which could be a negative chart scenario. The currency pair could go down.

Then a ‘Bearish Engulfing’ candle chart pattern is discovered. The chart forms ‘Bearish Engulfing’. this is a bearish signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bearish Engulfing’ going down is 79%.

198.00400 – 198.74400 – 198.80000 – 197.21000 – 197.70300 – 197.03800

Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bearish Engulfing – Double top chart pattern