EUR/JPY – 1H – SELLThe combination Euro/Japanese Yen (EUR/JPY) moves from the bearish trendline down.
A continuation of the downtrend down to the next support line at 163.15500 is certain.
Caution: A possible trend reversal in the direction of the resistance line at 164.75300 could occur.
In case of a trade, appropriate stop-loss settings should be considered.
Moreover a ‘Three Line Strike – Bearish’ candle pattern is existing. The chart forms ‘Three Line Strike – Bearish’. this is a bearish pattern signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Three Line Strike – Bearish’ going down is 84% (Bull Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 166.09600 |
| 2nd High | 165.02900 |
| Next High | 164.75300 |
| Current Price | 163.19600 |
| Next Low | 163.15500 |
| 2nd Low | 161.48700 |
| 3rd Low | 161.00600 |
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Three Line Strike – Bearish