USD/JPY – 30M – SELLThe combination US Dollar/Japanese Yen (USD/JPY) goes from the descending trendline downwards
A continuation of the downward movement downwards to the next support level at 149.65000 is certain.
Caution: A possible reversal of the trend in the direction of resistance at 150.27100 could occur.
In the case of a trade, always set appropriate stop-loss settings.
In addition a ‘Bearish Engulfing’ chart pattern is discovered. The chart shows ‘Bearish Engulfing’. which is a bearish pattern signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 150.77000 |
| 2nd High | 150.69400 |
| Next High | 150.27100 |
| Current Price | 149.93200 |
| Next Low | 149.65000 |
| 2nd Low | 148.64200 |
| 3rd Low | 148.39700 |
Trading Signals: FOREX – USD – USD/JPY – JPY – Bearish Engulfing