EUR/JPY – 1H – SELLThe pair Euro/Japanese Yen (EUR/JPY) jumps from the bullish trendline downwards
A descending movement downwards to the next support level at 159.10300 will continue.
Caution: A possible trend reversal in the direction of the resistance line at 162.46900 should always be considered.
In the case of a trade, always set appropriate stop-loss settings.
In addition a ‘Bearish Engulfing’ chart pattern is discovered. The candles show ‘Bearish Engulfing’. which is a negative pattern signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 164.75300 |
| 2nd High | 162.48600 |
| Next High | 162.46900 |
| Current Price | 160.48200 |
| Next Low | 159.10300 |
| 2nd Low | 158.64400 |
| 3rd Low | 157.86000 |
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Bearish Engulfing