EUR/JPY – 1H – SELLThe pair Euro/Japanese Yen (EUR/JPY) moves from the bullish trendline down.
A bearish trend downwards to the next support at 162.33800 is expected.
Caution: A possible trend reversal in the direction of the resistance line at 164.89900 should always be considered.
In the case of a trade, always set appropriate stop-loss settings.
Additionally a ‘Bearish Belt Hold’ candlestick pattern is found. The chart forms ‘Bearish Belt Hold’. which is a negative chart scenario. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Bearish Belt Hold’ heading down is 68% (Bull Market) & 69% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 166.09600 |
| 2nd High | 165.02900 |
| Next High | 164.89900 |
| Current Price | 162.67900 |
| Next Low | 162.33800 |
| 2nd Low | 159.80200 |
| 3rd Low | 159.10300 |
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Bearish Belt Hold