EUR/JPY – 1H – SELLThe currency pair Euro/Japanese Yen (EUR/JPY) jumps from the descending trendline downwards
A continuation of the downtrend downwards to the next support level at 156.37300 is considered certain.
Caution: A possible reversal of the trend in the direction of the resistance level at 158.63300 should always be considered.
Consider stop-loss settings accordingly.
Then a ‘Bearish Engulfing’ candle pattern is discovered. The candles form ‘Bearish Engulfing’. which is a bearish chart scenario. 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 | 160.33800 |
| 2nd High | 158.89000 |
| Next High | 158.63300 |
| Current Price | 157.55200 |
| Next Low | 156.37300 |
| 2nd Low | 156.04200 |
| 3rd Low | 155.14800 |
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Bearish Engulfing