GBP/JPY – 30M – SELL

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

A continuation of the downtrend down to the next support level at is certain.

Caution: A possible trend reversal in the direction of the resistance level at 197.74800 could happen.
Consider stop-loss settings accordingly.

Next a ‘Exponential Moving Average 100 (EMA 100)’ indicator signal is discovered. The indicator shows ‘Exponential Moving Average 100 (EMA 100)’. this is usually a bearish chart signal. The pair is likely to go down.

Correction of the major bearish trend halted around the Fibonacci 0.5-Level.Continuation of the current descending trend is certain. Target of the current trend is 196.868608 at the Fibonacci level 0.24-Level. Caution: A possible trend reversal in the direction of the support line at 197.74800 could happen.
Consider stop-loss settings accordingly.

Next a ‘Three Outside Down’ candlestick chart pattern is discovered. The chart forms ‘Three Outside Down’. this is a bearish pattern signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Three Outside Down’ heading down is 69% (Bull Market) & 70% (Bear Market).

197.74800 – 198.00400 – 198.74400 – 196.27200 – 197.18400 – 197.21000

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