USD/JPY – 1H – SELLThe pair US Dollar/Japanese Yen (USD/JPY) jumps from the ascending trendline down.
A descending movement downwards to the next support at 150.89300 is certain.
Caution: A possible reversal of the trend in the direction of the resistance line at 152.18000 is within the realm of possibility.
In case of a trade, appropriate stop-loss settings should be considered.
Furthermore a ‘Bearish Engulfing’ chart pattern is existing. The chart shows ‘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 success rate of a ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 155.02100 |
| 2nd High | 154.72000 |
| Next High | 152.18000 |
| Current Price | 151.66200 |
| Next Low | 150.89300 |
| 2nd Low | 149.35800 |
| 3rd Low | 148.64200 |
Trading Signals: FOREX – USD – USD/JPY – JPY – Bearish Engulfing