EUR/JPY – 1H – SELLThe combination Euro/Japanese Yen (EUR/JPY) goes from the descending trendline downwards
A continuation of the downward movement downwards to the next support line at 156.04200 is expected.
Caution: A possible reversal of the trend in the direction of resistance at 158.63300 could happen.
Consider stop-loss settings accordingly.
In addition a ‘Bearish Engulfing’ chart pattern is found. The chart forms ‘Bearish Engulfing’. this is a bearish signal. The currency 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 | 160.33800 |
| 2nd High | 158.89000 |
| Next High | 158.63300 |
| Current Price | 156.85400 |
| Next Low | 156.04200 |
| 2nd Low | 155.14800 |
| 3rd Low |
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Bearish Engulfing