EUR/JPY – 1H – SELLThe currency pair Euro/Japanese Yen (EUR/JPY) goes from the bearish trendline downwards
A continuation of the bearish trend down to the next support at 162.36700 is likely expected.
Caution: A possible counter-trend in the direction of the resistance zone at 163.50600 is within the realm of possibility.
Please make appropriate stop-loss settings in the case of a trade.
Besides a ‘Bearish Belt Hold’ candle pattern is detected. The candles show ‘Bearish Belt Hold’. which is a negative chart scenario. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bearish Belt Hold’ going down is 68% (Bull Market) & 69% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 164.54500 |
| 2nd High | 163.80500 |
| Next High | 163.50600 |
| Current Price | 162.73200 |
| Next Low | 162.36700 |
| 2nd Low | 161.38200 |
| 3rd Low | 160.89500 |
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Bearish Belt Hold