EUR/JPY – 1H – SELLThe currency pair Euro/Japanese Yen (EUR/JPY) moves from the ascending trendline downwards
A descent downwards to the next support at 157.55500 is likely expected.
Caution: A possible trend reversal in the direction of resistance at 159.38600 could happen.
In the case of a trade, always set appropriate stop-loss settings.
Furthermore a ‘Three Outside Down’ candlestick pattern is discovered. The candles form ‘Three Outside Down’. 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 ‘Three Outside Down’ going down is 69% (Bull Market) & 70% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 162.00700 |
| 2nd High | 160.33800 |
| Next High | 159.38600 |
| Current Price | 158.57300 |
| Next Low | 157.55500 |
| 2nd Low | 156.17400 |
| 3rd Low |
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Three Outside Down