EUR/JPY – 30M – SELLThe pair Euro/Japanese Yen (EUR/JPY) goes from the bullish trendline down.
The bearish trend down to the next support line at 159.80200 is expected.
Caution: A possible reversal of the trend in the direction of the resistance level at 163.67100 could occur.
In case of a trade, appropriate stop-loss settings should be considered.
Additionally a ‘Bearish Engulfing’ candle pattern is existing. The candles show ‘Bearish Engulfing’. which is a bearish pattern 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 | 163.92700 |
| 2nd High | 163.76900 |
| Next High | 163.67100 |
| Current Price | 163.35300 |
| Next Low | 159.80200 |
| 2nd Low | 159.63400 |
| 3rd Low | 159.10300 |
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Bearish Engulfing