EUR/JPY – 4H – SELLThe combination Euro/Japanese Yen (EUR/JPY) moves from the ascending trendline downwards
A bearish descent down to the next support at 160.89500 is expected.
Caution: A possible counter-trend in the direction of the resistance line at 164.54500 could occur.
In the case of a trade, always set appropriate stop-loss settings.
Also there is a ‘Bearish Engulfing’ candle chart pattern is discovered. The chart shows ‘Bearish Engulfing’. which is a negative signal. The currency pair is likely to fall. 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 | 165.02900 |
| 2nd High | 164.89900 |
| Next High | 164.54500 |
| Current Price | 162.53100 |
| Next Low | 160.89500 |
| 2nd Low | 159.80200 |
| 3rd Low | 158.64400 |
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Bearish Engulfing