USD/JPY – 30M – SELLThe currency pair US Dollar/Japanese Yen (USD/JPY) moves from the descending trendline downwards
A continuation of the downtrend downwards to the next support level at 148.64200 is likely expected.
Caution: A possible reversal of the trend in the direction of the resistance line at 151.94800 is within the realm of possibility.
In the case of a trade, always set appropriate stop-loss settings.
Additionally a ‘Bearish Engulfing’ candlestick pattern is detected. The candles form ‘Bearish Engulfing’. this is a bearish pattern signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 154.48600 |
| 2nd High | 154.21600 |
| Next High | 151.94800 |
| Current Price | 150.05600 |
| Next Low | 148.64200 |
| 2nd Low | 148.39700 |
| 3rd Low | 148.23700 |
Trading Signals: FOREX – USD – USD/JPY – JPY – Bearish Engulfing