EUR/JPY – 1H – SELLThe combination Euro/Japanese Yen (EUR/JPY) jumps from the ascending trendline down.
The bearish trend downwards to the next support level at 162.26000 is expected.
Caution: A possible change in the direction of resistance at 163.97400 could be enabled.
Consider stop-loss settings accordingly.
Correction of the major bearish trend halted around the Fibonacci 0.24-Level.Continuation of the current descending trend is expected. Current target is 162.26 at the Fibonacci level 0-Level. Caution: A possible change in the direction of the support zone at 163.97400 could be enabled.
Consider stop-loss settings accordingly.
Moreover a ‘Bearish Engulfing’ candlestick chart pattern is existing. The candles show ‘Bearish Engulfing’. which is a bearish signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 166.09600 |
| 2nd High | 165.02900 |
| Next High | 163.97400 |
| Current Price | 162.32400 |
| Next Low | 162.26000 |
| 2nd Low | 161.99400 |
| 3rd Low | 161.84300 |
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Bearish Engulfing