USD/JPY – 30M – SELLThe combination US Dollar/Japanese Yen (USD/JPY) goes from the bullish trendline down.
A bearish trend downwards to the next support at 151.00000 is certain.
Caution: A possible counter-trend in the direction of the resistance zone at 154.21600 should be noted.
Consider stop-loss settings accordingly.
In addition a ‘Bearish Engulfing’ candle pattern is discovered. The candles form ‘Bearish Engulfing’. which is a bearish chart scenario. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 154.72000 |
| 2nd High | 154.48600 |
| Next High | 154.21600 |
| Current Price | 152.34000 |
| Next Low | 151.00000 |
| 2nd Low | 150.89300 |
| 3rd Low | 149.68900 |
Trading Signals: FOREX – USD – USD/JPY – JPY – Bearish Engulfing