GBP/JPY – 30M – SELL

Additionally a ‘Rising Wedge Chart Pattern’ chart layout is existing. The formation shows ‘Rising Wedge Chart Pattern’. which is a bearish signal. The currency pair is likely to fall.

The combination British Pound/Japanese Yen (GBP/JPY) moves from the bullish trendline downwards

A bearish trend downwards to the next support level at 209.995 is considered certain.

Caution: A possible trend reversal in the direction of the resistance level at 212.112 should always be considered.
In case of a trade, appropriate stop-loss settings should be considered.

Additionally a ‘Bearish Engulfing’ candle pattern is found. The chart forms ‘Bearish Engulfing’. which is a negative chart scenario. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bearish Engulfing’ going down is 79%.

212.112 – 212.021 – 210.833 – 209.995 – 208.129 – 208.215 —
211.51700 – 211.46000 —
42.530301428469 – 44.185728440866 —
– —
212.112 – 1772055000

Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bearish Engulfing – Rising Wedge Chart Pattern – – – – – – – –