USD/JPY – 30M – SELLThe currency pair US Dollar/Japanese Yen (USD/JPY) jumps from the descending trendline down.
A continuation of the downward movement downwards to the next support at 148.64200 is considered certain.
Caution: A possible counter-trend in the direction of the resistance level at 150.23500 could happen.
Consider stop-loss settings accordingly.
Then a ‘Bearish Engulfing’ candlestick pattern is found. The candles form ‘Bearish Engulfing’. this is a bearish pattern signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 151.94800 |
| 2nd High | 150.74700 |
| Next High | 150.23500 |
| Current Price | 149.94000 |
| Next Low | 148.64200 |
| 2nd Low | 148.39700 |
| 3rd Low | 148.23700 |
Trading Signals: FOREX – USD – USD/JPY – JPY – Bearish Engulfing