USD/JPY – 30M – SELLThe combination US Dollar/Japanese Yen (USD/JPY) moves from the bullish trendline downwards
A descent downwards to the next support level at 156.88600 will persist.
Caution: A possible trend reversal in the direction of resistance at 157.39000 should always be considered.
In case of a trade, appropriate stop-loss settings should be considered.
Moreover a ‘Bearish Engulfing’ candlestick chart pattern is found. The chart forms ‘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 chance of ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 157.92300 |
| Next High | 157.39000 |
| Current Price | 157.29400 |
| Next Low | 156.88600 |
| 2nd Low | 156.46100 |
| 3rd Low | 155.94900 |
Trading Signals: FOREX – USD – USD/JPY – JPY – Bearish Engulfing