EUR/JPY – 1H – SELLThe pair Euro/Japanese Yen (EUR/JPY) jumps from the descending trendline downwards
A continuation of the downtrend down to the next support at 163.01700 will continue.
Caution: A possible reversal of the trend in the direction of the resistance zone at 163.61600 is also possible.
In the case of a trade, always set appropriate stop-loss settings.
And also a ‘Bearish Engulfing’ chart pattern is found. The chart forms ‘Bearish Engulfing’. this is a bearish chart scenario. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 164.75300 |
| 2nd High | 163.79700 |
| Next High | 163.61600 |
| Current Price | 163.41500 |
| Next Low | 163.01700 |
| 2nd Low | 162.84100 |
| 3rd Low | 162.33800 |
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Bearish Engulfing