EUR/JPY – 1H – SELLThe currency pair Euro/Japanese Yen (EUR/JPY) moves from the bullish trendline downwards
A descending movement downwards to the next support level at 159.09000 is expected.
Caution: A possible reversal of the trend in the direction of the resistance line at 160.33800 could occur.
Consider stop-loss settings accordingly.
Besides a ‘Bearish Engulfing’ candlestick pattern is detected. The candles form ‘Bearish Engulfing’. which is a negative pattern signal. 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’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 162.11200 |
| 2nd High | 162.00700 |
| Next High | 160.33800 |
| Current Price | 159.63800 |
| Next Low | 159.09000 |
| 2nd Low | 158.69600 |
| 3rd Low | 158.36500 |
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Bearish Engulfing