The currency pair Euro/Japanese Yen (EUR/JPY) moves from the ascending trendline downwards
A descent down to the next support level at 161.54600 is expected.
Caution: A possible trend reversal in the direction of the resistance zone at 162.63200 should be noted.
In case of a trade, appropriate stop-loss settings should be considered.
In addition a ‘Three Outside Down’ candlestick pattern is existing. The candles form ‘Three Outside Down’. this 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 ‘Three Outside Down’ going down is 69% (Bull Market) & 70% (Bear Market).
Support & Resistance | Price Range* |
---|---|
3rd High | 163.16800 |
2nd High | 162.80100 |
Next High | 162.63200 |
Current Price | 162.36200 |
Next Low | 161.54600 |
2nd Low | 161.23900 |
3rd Low | 160.94900 |
162.15700 – 162.09700 – 162.01500 – 161.54600 – 161.68600 – 161.69400
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Three Outside Down