GBP/JPY – 1H – SELLThen a ‘Double bottom retreat down’ chart formation is existing. The formation shows ‘Double bottom retreat down’. which is a negative signal. The pair is likely to go down.
The combination British Pound/Japanese Yen (GBP/JPY) jumps from the bullish trendline down.
A descending movement downwards to the next support line at 199.289 is likely expected.
Caution: A possible trend reversal in the direction of the resistance zone at 200.142 is also possible.
Consider stop-loss settings accordingly.
Then a ‘Three Black Crows’ chart pattern is discovered. The candles show ‘Three Black Crows’. which 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 ‘Three Black Crows’ heading down is 82%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 200.264 |
| Next High | 200.142 |
| Current Price | 199.71000 |
| Next Low | 199.289 |
| 2nd Low | 198.786 |
| 3rd Low | 198.669 |
199.8 – 200.142 – 199.132 – 199.289 – 198.786 – 199.353 — 60.386173259572 – 54.249297154483 — 76.89198450328 – 54.434302632237 – 87.444481083359 – 73.029401965393
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Three Black Crows – Double bottom retreat down – –