EUR/JPY – 30M – SELLThe pair Euro/Japanese Yen (EUR/JPY) goes from the bearish trendline down.
A continuation of the downtrend downwards to the next support level at 161.35900 is likely expected.
Caution: A possible trend reversal in the direction of the resistance zone at 162.11200 could happen.
Consider stop-loss settings accordingly.
There is also a ‘Bearish Engulfing’ candle pattern is found. The chart shows ‘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 success rate of a ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 163.76900 |
| 2nd High | 162.48600 |
| Next High | 162.11200 |
| Current Price | 161.73800 |
| Next Low | 161.35900 |
| 2nd Low | 160.98500 |
| 3rd Low | 159.90400 |
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Bearish Engulfing