GBP/JPY – 1H – SELLThe currency pair British Pound/Japanese Yen (GBP/JPY) jumps from the ascending trendline down.
A descending movement down to the next support level at 202.34 will persist.
Caution: A possible trend reversal in the direction of the resistance zone at 204.52 is within the realm of possibility.
Consider stop-loss settings accordingly.
Furthermore a ‘Last Engulfing Top’ candlestick pattern is existing. The candles show ‘Last Engulfing Top’. which is a negative chart scenario. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Last Engulfing Top’ heading down is 68% (Bull Market) & 67% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 205.317 |
| 2nd High | 204.87 |
| Next High | 204.52 |
| Current Price | 204.09000 |
| Next Low | 202.34 |
| 2nd Low | 202.326 |
| 3rd Low | 200.645 |
204.52 – 203.946 – 203.567 – 203.69 – 202.34 – 202.764 —
204.15900 – 204.21600 —
52.207660812966 – 52.354390046409 —
– —
204.52000 – 1763406000
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Last Engulfing Top – Double bottom retreat down – – – –