EUR/JPY – 30M – SELLThe combination Euro/Japanese Yen (EUR/JPY) jumps from the ascending trendline down.
A descending movement downwards to the next support line at 163.47900 is considered certain.
Caution: A possible counter-trend in the direction of the resistance level at 164.89900 should be noted.
Consider stop-loss settings accordingly.
Besides a ‘Bearish Engulfing’ candle chart pattern is found. 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 success rate of a ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 165.41800 |
| 2nd High | 165.02900 |
| Next High | 164.89900 |
| Current Price | 163.48800 |
| Next Low | 163.47900 |
| 2nd Low | 163.17200 |
| 3rd Low | 163.01700 |
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Bearish Engulfing