The pair US Dollar/Japanese Yen (USD/JPY) goes from the bearish trendline downwards
A continuation of the downtrend downwards to the next support line at 162.127 is likely expected.
Caution: A possible counter-trend in the direction of the resistance level at 162.451 should always be considered.
Consider stop-loss settings accordingly.
Moreover a ‘Resistance Level’ indicator layout is found. The indicator shows ‘Resistance Level’. which could be a negative signal. The pair is likely to go down.
Moreover a ‘Bearish Engulfing’ candlestick chart pattern is detected. The candles show ‘Bearish Engulfing’. which is a bearish chart scenario. The pair is likely to go down. 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 | 162.542 |
| 2nd High | 162.471 |
| Next High | 162.451 |
| Current Price | 162.36000 |
| Next Low | 162.127 |
| 2nd Low | 161.978 |
| 3rd Low | 161.891 |
162.451 – 162.471 – 162.542 – 162.127 – 162.309 – 161.978 —
162.41300 – 162.40300 —
49.198858425992 – 52.422051532217 —
– —
162.451 – 1784291400
Trading Signals: FOREX – USD – USD/JPY – JPY – Bearish Engulfing – – – – – – – – –