GBP/JPY – 30M – SELL

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

A descent down to the next support level at 214.302 is likely expected.

Caution: A possible counter-trend in the direction of the resistance zone at 215.606 is also possible.
Please make appropriate stop-loss settings in the case of a trade.

Moreover a ‘StochRSI %K falls below 0.8’ indicator layout is existing. The indicator shows ‘StochRSI %K falls below 0.8’. which could be a negative chart signal. The pair is likely to go down.

Moreover a ‘Resistance Level’ indicator signal is found. The indicator is ‘Resistance Level’. which could be a negative chart signal. The pair is likely to go down.

Correction of the major bullish trend broke the Fibonacci 0-Level.Continuation of the current descending trend is likely expected. Current target is 214.907388 at the Fibonacci level 0.24-Level. Caution: A possible counter-trend in the direction of support at 215.606 is also possible.
Please make appropriate stop-loss settings in the case of a trade.

Moreover a ‘Southern Doji’ candle pattern is found. The chart shows ‘Southern Doji’. which is a bullish chart scenario. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Southern Doji’ going up is 51% (Bull Market) & 52% (Bear Market).

214.998 – 214.934 – 214.859 – 214.302 – 214.557 – 213.863 —
215.21900 – 215.29000 —
58.078601875072 – 57.399436930228 —
– —
214.998 – 1781249400

Trading Signals: FOREX – GBP – GBP/JPY – JPY – Southern Doji – Rising Wedge Chart Pattern – – – – – – – –