USD/JPY – 30M – SELLThe combination US Dollar/Japanese Yen (USD/JPY) jumps from the descending trendline down.
A continuation of the downward movement downwards to the next support level at 156.63200 will persist.
Caution: A possible change in the direction of resistance at 157.77700 is also possible.
Consider stop-loss settings accordingly.
Moreover a ‘Bearish Engulfing’ candlestick chart pattern is found. The chart forms ‘Bearish Engulfing’. which is a bearish signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood 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 | 157.58800 |
| Next Low | 156.63200 |
| 2nd Low | 156.43300 |
| 3rd Low | 156.01700 |
Trading Signals: FOREX – USD – USD/JPY – JPY – Bearish Engulfing