GBP/JPY – 4H – SELLThe currency pair British Pound/Japanese Yen (GBP/JPY) jumps from the ascending trendline down.
A descent downwards to the next support line at 198.271 is likely expected.
Caution: A possible counter-trend in the direction of resistance at 199.183 should always be considered.
Consider stop-loss settings accordingly.
Also there is a ‘Resistance Level’ indicator signal is found. The indicator is ‘Resistance Level’. which is often a bearish chart scenario. The currency pair is likely to fall.
Also there is a ‘Three Outside Down’ candle pattern is detected. The chart shows ‘Three Outside Down’. this is a bearish signal. The currency pair is likely to fall. 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).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 200.264 |
| 2nd High | 199.531 |
| Next High | 199.183 |
| Current Price | 198.84900 |
| Next Low | 198.271 |
| 2nd Low | 197.854 |
| 3rd Low | 195.356 |
199.183 – 199.531 – 200.264 – 198.271 – 197.854 – 195.356 — 49.891864791917 – 45.062196900686 — 47.205358003276 – 27.760913558832 – 57.326258203021 – 46.176640647586
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Three Outside Down – Double bottom retreat down – –