USD/JPY – 30M – SELLCorrection of the major bearish trend halted around the Fibonacci 0.5-Level.Continuation of the current descending trend will persist. Current target is 150.047168 at the Fibonacci level 0.24-Level. Caution: A possible counter-trend in the direction of the support line at 150.52800 is within the realm of possibility.
Consider stop-loss settings accordingly.
Then a ‘Bearish Engulfing’ candle pattern is found. The chart shows ‘Bearish Engulfing’. this is a bearish signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 154.21600 |
| 2nd High | 151.94800 |
| Next High | 150.52800 |
| Current Price | 150.52300 |
| Next Low | 149.46000 |
| 2nd Low | 149.08300 |
| 3rd Low | 148.86600 |
Trading Signals: FOREX – USD – USD/JPY – JPY – Bearish Engulfing