EUR/JPY – 1H – SELL

The pair Euro/Japanese Yen (EUR/JPY) goes from the ascending trendline down.

A descent downwards to the next support level at 172.04900 is considered certain.

Caution: A possible counter-trend in the direction of the resistance line at 172.67500 should always be considered.
In case of a trade, appropriate stop-loss settings should be considered.

Then a ‘Resistance Level’ indicator layout is discovered. The indicator shows ‘Resistance Level’. this is usually a bearish chart signal. The pair is likely to go down.

Then a ‘Three Outside Down’ candlestick pattern is existing. The candles form ‘Three Outside Down’. this is a bearish chart scenario. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Three Outside Down’ heading down is 69% (Bull Market) & 70% (Bear Market).

172.67500 – 172.21600 – 172.59800 – 172.04900 – 171.50100 – 170.96400 — 47.644710287314 – 42.491085352923 — 48.327794608898 – 24.698010687503 – 53.859027695873 – 44.297657546234

Trading Signals: FOREX – EUR – EUR/JPY – JPY – Three Outside Down – Rising Wedge Chart Pattern – –