EUR/JPY – 1H – SELLThe currency pair Euro/Japanese Yen (EUR/JPY) jumps from the bearish trendline down.
A continuation of the bearish trend downwards to the next support at 157.55500 is likely expected.
Caution: A possible change in the direction of the resistance zone at 159.57100 could occur.
In case of a trade, appropriate stop-loss settings should be considered.
Also there is a ‘Bearish Engulfing’ candle pattern is existing. The candles show ‘Bearish Engulfing’. this is a bearish chart scenario. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 162.00700 |
| 2nd High | 160.33800 |
| Next High | 159.57100 |
| Current Price | 158.03000 |
| Next Low | 157.55500 |
| 2nd Low | 156.17400 |
| 3rd Low |
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Bearish Engulfing