EUR/JPY – 30M – SELLCorrection of the major bearish trend halted around the Fibonacci 0.24-Level.Continuation of the current descending trend is expected. Target of the current trend is 158.226 at the Fibonacci level 0-Level. Caution: A possible change in the direction of the support line at 159.97600 could be enabled.
Consider stop-loss settings accordingly.
In addition a ‘Bearish Engulfing’ chart pattern is found. The candles show ‘Bearish Engulfing’. 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 probability of ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 160.70500 |
| 2nd High | 160.33800 |
| Next High | 159.97600 |
| Current Price | 158.49700 |
| Next Low | 158.22600 |
| 2nd Low | 158.09900 |
| 3rd Low | 157.11600 |
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Bearish Engulfing