GBP/JPY – 1H – SELLCorrection of the major bullish trend broke the Fibonacci 0.79-Level.Continuation of the current descending trend is expected. Current target is 209.606 at the Fibonacci level 1-Level. Caution: A possible counter-trend in the direction of support at 211.751 is within the realm of possibility.
Consider stop-loss settings accordingly.
There is also a ‘Two Crows’ candlestick chart pattern is discovered. The chart forms ‘Two 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 success rate of a ‘Two Crows’ heading down is 54% (Bull Market) & 58% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 214.847 |
| Next High | 211.751 |
| Current Price | 210.45500 |
| Next Low | 209.78400 |
| 2nd Low | 209.606 |
| 3rd Low |
211.751 – 214.847 – 212.757 – 209.78400 – 209.606 – 211.583 —
211.57300 – 210.99400 —
39.730365032129 – 47.762430651826 —
209.78400 – 1769511600 —
211.75100 – 1769504400
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Two Crows – – – – – – – – –