EUR/JPY – 1H – SELLThe combination Euro/Japanese Yen (EUR/JPY) jumps from the bearish trendline down.
A continuation of the downtrend down to the next support level at 157.86000 is certain.
Caution: A possible reversal of the trend in the direction of resistance at 159.99000 could occur.
Consider stop-loss settings accordingly.
Additionally a ‘Bearish Engulfing’ chart pattern is detected. The candles show ‘Bearish Engulfing’. this is a bearish signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 162.00700 |
| 2nd High | 160.33800 |
| Next High | 159.99000 |
| Current Price | 159.41700 |
| Next Low | 157.86000 |
| 2nd Low | 157.55500 |
| 3rd Low | 156.17400 |
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Bearish Engulfing