USD/JPY – 30M – SELLThe pair US Dollar/Japanese Yen (USD/JPY) jumps from the descending trendline down.
A continuation of the bearish trend down to the next support level at 154.29300 is expected.
Caution: A possible trend reversal in the direction of the resistance zone at 155.35500 is within the realm of possibility.
In case of a trade, appropriate stop-loss settings should be considered.
In addition a ‘Bearish Engulfing’ candle chart pattern is discovered. The chart shows ‘Bearish Engulfing’. this is a bearish pattern signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 156.74500 |
| 2nd High | 155.77800 |
| Next High | 155.35500 |
| Current Price | 154.46100 |
| Next Low | 154.29300 |
| 2nd Low | 153.83600 |
| 3rd Low | 153.40300 |
Trading Signals: FOREX – USD – USD/JPY – JPY – Bearish Engulfing