USD/JPY – 30M – SELLThe combination US Dollar/Japanese Yen (USD/JPY) jumps from the ascending trendline down.
A descent down to the next support level at 150.89300 is certain.
Caution: A possible reversal of the trend in the direction of the resistance line at 152.18000 could happen.
Consider stop-loss settings accordingly.
And also a ‘Bearish Engulfing’ candlestick pattern is detected. The candles show ‘Bearish Engulfing’. which 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 likelyhood of ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 154.48600 |
| 2nd High | 154.21600 |
| Next High | 152.18000 |
| Current Price | 151.83900 |
| Next Low | 150.89300 |
| 2nd Low | 149.68900 |
| 3rd Low | 149.35800 |
Trading Signals: FOREX – USD – USD/JPY – JPY – Bearish Engulfing