EUR/JPY – 1H – SELLCorrection of the major bearish trend halted around the Fibonacci 0.79-Level.Continuation of the current descending trend is likely expected. Current target is 157.532 at the Fibonacci level 0.5-Level. Caution: A possible counter-trend in the direction of the support level at 158.65400 could happen.
In case of a trade, appropriate stop-loss settings should be considered.
Then a ‘Bearish Engulfing’ candle chart pattern is found. The chart shows ‘Bearish Engulfing’. which is a bearish chart scenario. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 160.33800 |
| 2nd High | 158.89000 |
| Next High | 158.65400 |
| Current Price | 158.19300 |
| Next Low | 156.17400 |
| 2nd Low | 156.04200 |
| 3rd Low | 155.14800 |
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Bearish Engulfing