USD/JPY – 30M – SELLThe combination US Dollar/Japanese Yen (USD/JPY) goes from the bearish trendline down.
A continuation of the bearish trend down to the next support at 149.53000 will persist.
Caution: A possible trend reversal in the direction of the resistance line at 150.36100 is within the realm of possibility.
In case of a trade, appropriate stop-loss settings should be considered.
Besides a ‘Bearish Engulfing’ candlestick pattern is detected. The chart shows ‘Bearish Engulfing’. this is a bearish pattern signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 154.21600 |
| 2nd High | 151.94800 |
| Next High | 150.36100 |
| Current Price | 149.93900 |
| Next Low | 149.53000 |
| 2nd Low | 149.08300 |
| 3rd Low | 148.86600 |
Trading Signals: FOREX – USD – USD/JPY – JPY – Bearish Engulfing