EUR/JPY – 30M – SELLThe currency pair Euro/Japanese Yen (EUR/JPY) goes from the descending trendline down.
A continuation of the downtrend downwards to the next support line at 162.83600 is certain.
Caution: A possible trend reversal in the direction of the resistance line at 163.80500 could happen.
In case of a trade, appropriate stop-loss settings should be considered.
Moreover a ‘Bearish Belt Hold’ chart pattern is discovered. The chart shows ‘Bearish Belt Hold’. 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 probability of ‘Bearish Belt Hold’ heading down is 68% (Bull Market) & 69% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 164.86400 |
| 2nd High | 164.54500 |
| Next High | 163.80500 |
| Current Price | 163.35200 |
| Next Low | 162.83600 |
| 2nd Low | 162.60100 |
| 3rd Low | 162.48800 |
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Bearish Belt Hold