USD/JPY – 1H – SELLThe combination US Dollar/Japanese Yen (USD/JPY) goes from the bullish trendline down.
A bearish trend downwards to the next support at 153.15600 is likely expected.
Caution: A possible counter-trend in the direction of the resistance level at 154.47600 could happen.
In the case of a trade, always set appropriate stop-loss settings.
Additionally a ‘Bearish Engulfing’ chart pattern is discovered. The candles form ‘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’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 155.02100 |
| 2nd High | 154.72000 |
| Next High | 154.47600 |
| Current Price | 155.22900 |
| Next Low | 153.15600 |
| 2nd Low | 151.79600 |
| 3rd Low | 151.00000 |
Trading Signals: FOREX – USD – USD/JPY – JPY – Bearish Engulfing