EUR/JPY – 1H – SELLThe currency pair Euro/Japanese Yen (EUR/JPY) jumps from the bearish trendline down.
A continuation of the bearish trend down to the next support line at 163.01700 will continue.
Caution: A possible trend reversal in the direction of the resistance level at 163.61600 is within the realm of possibility.
In case of a trade, appropriate stop-loss settings should be considered.
Furthermore a ‘Last Engulfing Bottom:’ chart pattern is existing. The candles form ‘Last Engulfing Bottom:’. 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 probability of ‘Last Engulfing Bottom:’ going down is 65% (Bull Market) & 67% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 164.75300 |
| 2nd High | 163.79700 |
| Next High | 163.61600 |
| Current Price | 163.39000 |
| Next Low | 163.01700 |
| 2nd Low | 162.84100 |
| 3rd Low | 162.33800 |
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Last Engulfing Bottom: