EUR/JPY – 1H – SELLThe pair Euro/Japanese Yen (EUR/JPY) goes from the descending trendline down.
A continuation of the bearish trend downwards to the next support level at 158.09900 is likely expected.
Caution: A possible counter-trend in the direction of the resistance line at 158.89000 could be enabled.
Consider stop-loss settings accordingly.
Next a ‘Bearish Engulfing’ candlestick pattern is detected. The candles form ‘Bearish Engulfing’. which is a bearish pattern signal. The currency pair is likely to fall. 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 | 162.00700 |
| 2nd High | 160.33800 |
| Next High | 158.89000 |
| Current Price | 158.32200 |
| Next Low | 158.09900 |
| 2nd Low | 157.11600 |
| 3rd Low | 157.03700 |
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Bearish Engulfing