EUR/JPY – 1H – SELLThe pair Euro/Japanese Yen (EUR/JPY) moves from the bearish trendline down.
A continuation of the downtrend downwards to the next support level at 158.36500 is likely expected.
Caution: A possible change in the direction of the resistance line at 160.33800 is also possible.
In case of a trade, appropriate stop-loss settings should be considered.
Next a ‘Bearish Engulfing’ candlestick chart pattern is existing. The chart shows ‘Bearish Engulfing’. which is a negative chart scenario. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 162.11200 |
| 2nd High | 162.00700 |
| Next High | 160.33800 |
| Current Price | 158.09100 |
| Next Low | 158.36500 |
| 2nd Low | 158.09900 |
| 3rd Low | 157.11600 |
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Bearish Engulfing