USD/JPY – 1H – SELLThe pair US Dollar/Japanese Yen (USD/JPY) goes from the ascending trendline downwards
A bearish trend downwards to the next support level at 156.88600 is expected.
Caution: A possible trend reversal in the direction of the resistance zone at 157.39000 should always be considered.
Please make appropriate stop-loss settings in the case of a trade.
Then a ‘Bearish Engulfing’ candle chart pattern is found. The candles show ‘Bearish Engulfing’. which is a bearish signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 157.92300 |
| Next High | 157.39000 |
| Current Price | 157.34500 |
| Next Low | 156.88600 |
| 2nd Low | 155.94900 |
| 3rd Low | 153.15600 |
Trading Signals: FOREX – USD – USD/JPY – JPY – Bearish Engulfing