EUR/JPY – 1H – SELLThe combination Euro/Japanese Yen (EUR/JPY) goes from the ascending trendline downwards
A descent downwards to the next support level at 157.86000 will continue.
Caution: A possible reversal of the trend in the direction of the resistance line at 159.99000 is within the realm of possibility.
Consider stop-loss settings accordingly.
There is also a ‘Bearish Engulfing’ candlestick pattern is existing. The candles show ‘Bearish Engulfing’. which is a bearish pattern signal. The currency 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 | 162.00700 |
| 2nd High | 160.33800 |
| Next High | 159.99000 |
| Current Price | 159.67300 |
| Next Low | 157.86000 |
| 2nd Low | 157.55500 |
| 3rd Low | 156.17400 |
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Bearish Engulfing