EUR/JPY – 1H – SELLThe pair Euro/Japanese Yen (EUR/JPY) goes from the bullish trendline downwards
A bearish descent downwards to the next support line at 163.01700 will continue.
Caution: A possible counter-trend in the direction of the resistance zone at 163.61600 is within the realm of possibility.
Consider stop-loss settings accordingly.
And also a ‘Last Engulfing Bottom:’ candlestick chart pattern is existing. The chart shows ‘Last Engulfing Bottom:’. this is a bearish pattern signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Last Engulfing Bottom:’ heading down is 65% (Bull Market) & 67% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 164.75300 |
| 2nd High | 163.79700 |
| Next High | 163.61600 |
| Current Price | 163.29300 |
| Next Low | 163.01700 |
| 2nd Low | 162.84100 |
| 3rd Low | 162.33800 |
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Last Engulfing Bottom: