USD/JPY – 30M – SELLThe currency pair US Dollar/Japanese Yen (USD/JPY) moves from the descending trendline downwards
A continuation of the downtrend downwards to the next support at 154.18800 will persist.
Caution: A possible counter-trend in the direction of the resistance zone at 155.02100 is within the realm of possibility.
Consider stop-loss settings accordingly.
There is also a ‘Bearish Engulfing’ candlestick chart pattern is found. The chart shows ‘Bearish Engulfing’. this is a bearish chart scenario. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 155.88500 |
| 2nd High | 155.26200 |
| Next High | 155.02100 |
| Current Price | 154.81800 |
| Next Low | 154.18800 |
| 2nd Low | 153.96400 |
| 3rd Low | 153.90300 |
Trading Signals: FOREX – USD – USD/JPY – JPY – Bearish Engulfing