EUR/JPY – 30M – SELLThe combination Euro/Japanese Yen (EUR/JPY) moves from the bullish trendline downwards
A bearish trend downwards to the next support at 163.17200 will continue.
Caution: A possible reversal of the trend in the direction of resistance at 163.79700 should always be considered.
In case of a trade, appropriate stop-loss settings should be considered.
Next a ‘Last Engulfing Bottom:’ candlestick chart pattern is existing. The candles form ‘Last Engulfing Bottom:’. this 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:’ heading down is 65% (Bull Market) & 67% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 164.75300 |
| 2nd High | 163.92700 |
| Next High | 163.79700 |
| Current Price | 163.67300 |
| Next Low | 163.17200 |
| 2nd Low | 163.01700 |
| 3rd Low | 162.84100 |
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Last Engulfing Bottom: