GBP/JPY – 30M – SELLCorrection of the major bearish trend halted around the Fibonacci 0.79-Level.Continuation of the current descending trend will continue. Current target is 210.358 at the Fibonacci level 0.5-Level. Caution: A possible reversal of the trend in the direction of the support level at 211.54 could happen.
Consider stop-loss settings accordingly.
Next a ‘Bearish Belt Hold’ candle chart pattern is found. The chart forms ‘Bearish Belt Hold’. 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 probability of ‘Bearish Belt Hold’ heading down is 68% (Bull Market) & 69% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 211.62 |
| 2nd High | 211.557 |
| Next High | 211.54 |
| Current Price | 210.82600 |
| Next Low | 210.253 |
| 2nd Low | 209.777 |
| 3rd Low | 209.176 |
211.54 – 210.987 – 210.613 – 210.253 – 209.777 – 209.176 —
211.49900 – 210.88000 —
64.926808567348 – 45.316575112244 —
– —
211.54 – 1772838000
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bearish Belt Hold – – – – – – – – –