USD/JPY – 30M – SELLThe combination US Dollar/Japanese Yen (USD/JPY) jumps from the bullish trendline down.
A bearish movement downwards to the next support level at 156.43300 is certain.
Caution: A possible trend reversal in the direction of the resistance zone at 157.77700 should always be considered.
In case of a trade, appropriate stop-loss settings should be considered.
Additionally a ‘Bearish Engulfing’ chart pattern is found. The chart shows ‘Bearish Engulfing’. which is a negative pattern 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’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 158.08100 |
| 2nd High | 158.06800 |
| Next High | 157.77700 |
| Current Price | 157.55200 |
| Next Low | 156.43300 |
| 2nd Low | 156.01700 |
| 3rd Low | 155.94900 |
Trading Signals: FOREX – USD – USD/JPY – JPY – Bearish Engulfing