EUR/JPY – 4H – SELLThe combination Euro/Japanese Yen (EUR/JPY) moves from the ascending trendline down.
The bearish trend downwards to the next support line at 171.112 will persist.
Caution: A possible counter-trend in the direction of the resistance line at 172.67 should be noted.
In the case of a trade, always set appropriate stop-loss settings.
Next a ‘Last Engulfing Top’ candlestick chart pattern is existing. The candles show ‘Last Engulfing Top’. which is a bearish pattern signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Last Engulfing Top’ going down is 68% (Bull Market) & 67% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 172.698 |
| Next High | 172.67 |
| Current Price | 172.69800 |
| Next Low | 171.112 |
| 2nd Low | 168.456 |
| 3rd Low | 167.907 |
172.67 – 172.698 – 172.598 – 171.112 – 168.456 – 167.907 — 68.995647823844 – 62.98851858539 — 100 – 88.494388908039 – 95.430314254176 – 94.79101327251
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Last Engulfing Top – Double bottom chart pattern – –