USD/JPY – 1H – SELLThe combination US Dollar/Japanese Yen (USD/JPY) jumps from the bearish trendline downwards
A continuation of the downtrend downwards to the next support level at 149.07700 is likely expected.
Caution: A possible change in the direction of the resistance line at 150.74700 should be noted.
Please make appropriate stop-loss settings in the case of a trade.
Furthermore a ‘Bearish Engulfing’ candle pattern is discovered. The chart shows ‘Bearish Engulfing’. which is a negative chart scenario. The pair is likely to go down. 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 | 154.72000 |
| 2nd High | 151.94800 |
| Next High | 150.74700 |
| Current Price | 150.01000 |
| Next Low | 149.07700 |
| 2nd Low | 148.86600 |
| 3rd Low | 148.84600 |
Trading Signals: FOREX – USD – USD/JPY – JPY – Bearish Engulfing