USD/JPY – 4H – SELLThe combination US Dollar/Japanese Yen (USD/JPY) jumps from the ascending trendline down.
A descending movement down to the next support at 146.573 will continue.
Caution: A possible counter-trend in the direction of resistance at 148.181 should always be considered.
Please make appropriate stop-loss settings in the case of a trade.
Additionally a ‘Last Engulfing Top’ chart pattern is found. The candles show ‘Last Engulfing Top’. which is a negative pattern signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Last Engulfing Top’ going down is 68% (Bull Market) & 67% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 150.485 |
| 2nd High | 148.775 |
| Next High | 148.181 |
| Current Price | 148.08000 |
| Next Low | 146.573 |
| 2nd Low | 142.678 |
| 3rd Low | 142.528 |
148.181 – 148.775 – 148.111 – 146.573 – 146.867 – 142.678 — 71.898230640637 – 58.0580388445 — 100 – 84.009532734067 – 98.587979724837 – 94.669844244689
Trading Signals: FOREX – USD – USD/JPY – JPY – Last Engulfing Top – Double bottom retreat down – –