GBP/JPY – 1H – SELL

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

A bearish trend downwards to the next support at 210.502 is expected.

Caution: A possible change in the direction of the resistance zone at 212.146 is also possible.
Consider stop-loss settings accordingly.

Correction of the major bearish trend halted around the Fibonacci 0.79-Level.Continuation of the current descending trend is expected. Target of the current trend is 211.1985 at the Fibonacci level 0.5-Level. Caution: A possible change in the direction of the support level at 212.146 is also possible.
Consider stop-loss settings accordingly.

Then a ‘Three Outside Down’ candlestick chart pattern is detected. The chart forms ‘Three Outside Down’. which is a bearish chart scenario. The pair is likely to go down. 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).

212.146 – 211.437 – 211.093 – 210.502 – 210.251 – 210.42 —
212.03600 – 211.77000 —
69.353984785343 – 53.797809724201 —
– —
212.14600 – 1767664800

Trading Signals: FOREX – GBP – GBP/JPY – JPY – Three Outside Down – Double bottom chart pattern – – – – – – – –