USD/JPY – 30M – SELLThe currency pair US Dollar/Japanese Yen (USD/JPY) goes from the descending trendline down.
A continuation of the downward movement downwards to the next support level at 151.79600 is expected.
Caution: A possible reversal of the trend in the direction of resistance at 154.21600 is also possible.
Consider stop-loss settings accordingly.
There is also a ‘Bearish Engulfing’ candle pattern is existing. The chart forms ‘Bearish Engulfing’. which is a negative signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 154.72000 |
| 2nd High | 154.48600 |
| Next High | 154.21600 |
| Current Price | 152.89700 |
| Next Low | 151.79600 |
| 2nd Low | 151.00000 |
| 3rd Low | 150.89300 |
Trading Signals: FOREX – USD – USD/JPY – JPY – Bearish Engulfing