EUR/JPY – 1H – SELLThe combination Euro/Japanese Yen (EUR/JPY) goes from the descending trendline down.
A continuation of the downtrend downwards to the next support at 159.90400 will persist.
Caution: A possible trend reversal in the direction of the resistance level at 162.11200 should be noted.
In case of a trade, appropriate stop-loss settings should be considered.
Next a ‘Bearish Engulfing’ candlestick chart pattern is detected. The chart forms ‘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 probability of ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 164.75300 |
| 2nd High | 162.48600 |
| Next High | 162.11200 |
| Current Price | 161.73800 |
| Next Low | 159.90400 |
| 2nd Low | 158.69600 |
| 3rd Low | 158.36500 |
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Bearish Engulfing