USD/JPY – 4H – SELLThe currency pair US Dollar/Japanese Yen (USD/JPY) jumps from the bullish trendline downwards
A bearish descent down to the next support line at 153.15600 is likely expected.
Caution: A possible change in the direction of the resistance zone at 157.92300 is within the realm of possibility.
Please make appropriate stop-loss settings in the case of a trade.
Next a ‘Bearish Engulfing’ candle pattern is found. The candles form ‘Bearish Engulfing’. which is a bearish chart scenario. The 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 | |
| 2nd High | |
| Next High | 157.92300 |
| Current Price | 157.14700 |
| Next Low | 153.15600 |
| 2nd Low | 149.35800 |
| 3rd Low | 148.64200 |
Trading Signals: FOREX – USD – USD/JPY – JPY – Bearish Engulfing