USD/JPY – 30M – SELLThe currency pair US Dollar/Japanese Yen (USD/JPY) goes from the bearish trendline down.
A continuation of the downward movement down to the next support level at 157.40100 is certain.
Caution: A possible counter-trend in the direction of the resistance zone at 158.19300 should be noted.
In the case of a trade, always set appropriate stop-loss settings.
Also there is a ‘Bearish Engulfing’ candle pattern is existing. The chart shows ‘Bearish Engulfing’. which is a bearish chart scenario. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 158.87500 |
| Next High | 158.19300 |
| Current Price | 157.77400 |
| Next Low | 157.40100 |
| 2nd Low | 157.29400 |
| 3rd Low | 157.08400 |
Trading Signals: FOREX – USD – USD/JPY – JPY – Bearish Engulfing