GBP/JPY – 30M – SELL

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

A bearish descent down to the next support line at 214.93800 is expected.

Caution: A possible reversal of the trend in the direction of the resistance zone at 215.726 is within the realm of possibility.
Please make appropriate stop-loss settings in the case of a trade.

Besides a ‘Exponential Moving Average 100 (EMA 100)’ indicator layout is found. The indicator shows ‘Exponential Moving Average 100 (EMA 100)’. this is usually a bearish chart signal. The currency pair is likely to fall.

Besides a ‘Resistance Level’ indicator layout is detected. The indicator shows ‘Resistance Level’. this is usually a bearish chart signal. The currency pair is likely to fall.

Correction of the major bullish trend broke the Fibonacci 0.5-Level.Continuation of the current descending trend is expected. Current target is 215.063402 at the Fibonacci level 0.79-Level. Caution: A possible reversal of the trend in the direction of the support level at 215.726 is within the realm of possibility.
Please make appropriate stop-loss settings in the case of a trade.

Besides a ‘On Neck’ chart pattern is discovered. The candles show ‘On Neck’. this 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 ‘On Neck’ going down is 56% (Bull Market) & 58% (Bear Market).

215.246 – 215.726 – 215.533 – 214.93800 – 214.883 – 215.064 —
215.05100 – 215.47900 —
43.656107485353 – 62.057907238188 —
214.93800 – 1777024800 —
215.246 – 1777006800

Trading Signals: FOREX – GBP – GBP/JPY – JPY – On Neck – – – – – – – – –