EUR/JPY – 1H – SELLThe currency pair Euro/Japanese Yen (EUR/JPY) moves from the ascending trendline downwards
A descent downwards to the next support at 162.84100 is likely expected.
Caution: A possible counter-trend in the direction of the resistance zone at 164.89900 could happen.
Consider stop-loss settings accordingly.
And also a ‘Bearish SBS White Lines’ chart pattern is detected. The chart forms ‘Bearish SBS White Lines’. which is a bearish signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bearish SBS White Lines’ heading down is 56% (Bull Market) & 57% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 166.09600 |
| 2nd High | 165.02900 |
| Next High | 164.89900 |
| Current Price | 162.90000 |
| Next Low | 162.84100 |
| 2nd Low | 162.33800 |
| 3rd Low | 159.80200 |
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Bearish SBS White Lines