EUR/JPY – 1H – SELLThe pair Euro/Japanese Yen (EUR/JPY) moves from the descending trendline down.
A continuation of the downward movement downwards to the next support at 156.17400 is considered certain.
Caution: A possible reversal of the trend in the direction of resistance at 158.63300 could be enabled.
In case of a trade, appropriate stop-loss settings should be considered.
Also there is a ‘Bearish Engulfing’ chart pattern is found. The chart forms ‘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 | 160.33800 |
| 2nd High | 158.89000 |
| Next High | 158.63300 |
| Current Price | 158.37300 |
| Next Low | 156.17400 |
| 2nd Low | 156.04200 |
| 3rd Low | 155.14800 |
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Bearish Engulfing