USD/JPY – 1H – SELLThe currency pair US Dollar/Japanese Yen (USD/JPY) goes from the descending trendline down.
A continuation of the downtrend downwards to the next support at 149.07700 is expected.
Caution: A possible change in the direction of resistance at 150.74700 should be noted.
In case of a trade, appropriate stop-loss settings should be considered.
Also there is a ‘Bearish Engulfing’ candlestick chart pattern is existing. The chart forms ‘Bearish Engulfing’. this is a bearish chart scenario. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 154.72000 |
| 2nd High | 151.94800 |
| Next High | 150.74700 |
| Current Price | 150.02200 |
| Next Low | 149.07700 |
| 2nd Low | 148.86600 |
| 3rd Low | 148.84600 |
Trading Signals: FOREX – USD – USD/JPY – JPY – Bearish Engulfing