EUR/JPY – 30M – SELLThe currency pair Euro/Japanese Yen (EUR/JPY) moves from the ascending trendline down.
A descending movement downwards to the next support line at 161.29800 is likely expected.
Caution: A possible trend reversal in the direction of the resistance level at 162.64900 could occur.
In case of a trade, appropriate stop-loss settings should be considered.
Next a ‘Bearish Belt Hold’ candlestick pattern is found. The chart forms ‘Bearish Belt Hold’. this is a bearish chart scenario. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bearish Belt Hold’ heading down is 68% (Bull Market) & 69% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 164.17500 |
| 2nd High | 163.06400 |
| Next High | 162.64900 |
| Current Price | 162.20400 |
| Next Low | 161.29800 |
| 2nd Low | 160.94900 |
| 3rd Low | 160.86400 |
162.64900 – 162.57900 – 161.73100 – 161.29800 – 160.94900 – 160.86400
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Bearish Belt Hold