GBP/JPY – 1H – SELL

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

A continuation of the bearish trend downwards to the next support at 197.85400 is considered certain.

Caution: A possible change in the direction of resistance at 199.53100 should be noted.
Consider stop-loss settings accordingly.

Besides a ‘Northern Doji’ chart pattern is detected. The candles form ‘Northern Doji’. which is a bullish pattern signal. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Northern Doji’ heading up is 52% (Bull Market) & 51% (Bear Market).

199.53100 – 199.22600 – 199.44000 – 197.85400 – 199.37400 – 198.90600 — 45.34755393638 – 39.440927458876 — 28.837983695028 – 26.500172235618 – 19.608451027673 – 24.889195085544

Trading Signals: FOREX – GBP – GBP/JPY – JPY – Northern Doji – Double top chart pattern – –