USD/JPY – 1H – SELLCorrection of the major bearish trend halted around the Fibonacci 0.24-Level.Continuation of the current descending trend is considered certain. Current target is 148.642 at the Fibonacci level 0-Level. Caution: A possible reversal of the trend in the direction of the support line at 150.23500 should always be considered.
In case of a trade, appropriate stop-loss settings should be considered.
Besides a ‘Bearish Engulfing’ candle chart pattern is discovered. The candles form ‘Bearish Engulfing’. which is a negative pattern 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 | 151.94800 |
| 2nd High | 150.74700 |
| Next High | 150.23500 |
| Current Price | 149.77300 |
| Next Low | 148.64200 |
| 2nd Low | 148.39700 |
| 3rd Low | 148.23700 |
Trading Signals: FOREX – USD – USD/JPY – JPY – Bearish Engulfing