EUR/JPY – 1H – SELLCorrection of the major bearish trend halted around the Fibonacci 0.79-Level.Continuation of the current descending trend will continue. Current target is 163.258 at the Fibonacci level 0.5-Level. Caution: A possible trend reversal in the direction of support at 165.02900 is within the realm of possibility.
Consider stop-loss settings accordingly.
Also there is a ‘Bearish Engulfing’ candle pattern is found. The candles show ‘Bearish Engulfing’. 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 likelyhood of ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 166.11100 |
| 2nd High | 166.09600 |
| Next High | 165.02900 |
| Current Price | 164.06000 |
| Next Low | 161.48700 |
| 2nd Low | 161.00600 |
| 3rd Low | 158.69600 |
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Bearish Engulfing