EUR/JPY – 30M – SELLThe currency pair Euro/Japanese Yen (EUR/JPY) goes from the bullish trendline down.
A descent downwards to the next support level at 162.50700 is likely expected.
Caution: A possible reversal of the trend in the direction of the resistance level at 163.65900 could be enabled.
Please make appropriate stop-loss settings in the case of a trade.
Besides a ‘Last Engulfing Bottom:’ candle pattern is discovered. The candles form ‘Last Engulfing Bottom:’. 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 chance of ‘Last Engulfing Bottom:’ heading down is 65% (Bull Market) & 67% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 163.92700 |
| 2nd High | 163.79700 |
| Next High | 163.65900 |
| Current Price | 163.37200 |
| Next Low | 162.50700 |
| 2nd Low | 162.33800 |
| 3rd Low | 159.80200 |
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Last Engulfing Bottom: