EUR/JPY – 1H – SELLThe combination Euro/Japanese Yen (EUR/JPY) goes from the ascending trendline down.
A descent down to the next support at 163.01700 is certain.
Caution: A possible change in the direction of the resistance line at 163.79700 is also possible.
Please make appropriate stop-loss settings in the case of a trade.
Then a ‘Bearish Engulfing’ chart pattern is found. The candles form ‘Bearish Engulfing’. this is a bearish 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 | 165.02900 |
| 2nd High | 164.75300 |
| Next High | 163.79700 |
| Current Price | 163.60400 |
| Next Low | 163.01700 |
| 2nd Low | 162.84100 |
| 3rd Low | 162.33800 |
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Bearish Engulfing