EUR/JPY – 1H – SELLThe currency pair Euro/Japanese Yen (EUR/JPY) moves from the descending trendline down.
A continuation of the downtrend down to the next support line at 162.84100 will continue.
Caution: A possible counter-trend in the direction of the resistance zone at 163.59300 is also possible.
In the case of a trade, always set appropriate stop-loss settings.
Next a ‘Bearish Engulfing’ candle chart pattern is found. The candles show ‘Bearish Engulfing’. which is a bearish chart scenario. 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 | 163.79700 |
| Next High | 163.59300 |
| Current Price | 163.49900 |
| Next Low | 162.84100 |
| 2nd Low | 162.33800 |
| 3rd Low | 159.80200 |
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Bearish Engulfing