EUR/JPY – 30M – SELLThe pair Euro/Japanese Yen (EUR/JPY) goes from the descending trendline downwards
A continuation of the bearish trend down to the next support level at 160.76900 is expected.
Caution: A possible change in the direction of resistance at 161.48000 should always be considered.
In case of a trade, appropriate stop-loss settings should be considered.
There is also a ‘Bearish Engulfing’ candlestick pattern is existing. The chart forms ‘Bearish Engulfing’. which is a bearish signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 162.48600 |
| 2nd High | 162.46900 |
| Next High | 161.48000 |
| Current Price | 161.12000 |
| Next Low | 160.76900 |
| 2nd Low | 160.65800 |
| 3rd Low | 159.63400 |
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Bearish Engulfing