EUR/JPY – 1H – SELLThe currency pair Euro/Japanese Yen (EUR/JPY) moves from the bearish trendline downwards
A continuation of the downward movement down to the next support at 161.48700 will continue.
Caution: A possible reversal of the trend in the direction of the resistance line at 163.97400 is within the realm of possibility.
In case of a trade, appropriate stop-loss settings should be considered.
Additionally a ‘Bearish Engulfing’ candlestick pattern is discovered. The chart forms ‘Bearish Engulfing’. this is a bearish pattern signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 166.09600 |
| 2nd High | 165.02900 |
| Next High | 163.97400 |
| Current Price | 163.75600 |
| Next Low | 161.48700 |
| 2nd Low | 161.00600 |
| 3rd Low | 158.69600 |
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Bearish Engulfing