USD/JPY – 30M – SELLThe combination US Dollar/Japanese Yen (USD/JPY) jumps from the ascending trendline down.
The bearish trend downwards to the next support line at 157.63000 will continue.
Caution: A possible change in the direction of resistance at 157.98500 could happen.
In the case of a trade, always set appropriate stop-loss settings.
Moreover a ‘Bearish Engulfing’ candle chart pattern is discovered. The chart forms ‘Bearish Engulfing’. which 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 probability of ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 158.08100 |
| Next High | 157.98500 |
| Current Price | 157.87200 |
| Next Low | 157.63000 |
| 2nd Low | 157.35000 |
| 3rd Low | 157.05500 |
Trading Signals: FOREX – USD – USD/JPY – JPY – Bearish Engulfing