The pair Euro/Japanese Yen (EUR/JPY) jumps from the bullish trendline downwards
A bearish trend down to the next support at 160.65800 is certain.
Caution: A possible counter-trend in the direction of resistance at 162.11200 could be enabled.
In case of a trade, appropriate stop-loss settings should be considered.
Furthermore a ‘Bearish Engulfing’ candlestick pattern is found. The candles show ‘Bearish Engulfing’. this is a bearish chart scenario. 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 | 164.75300 |
2nd High | 162.48600 |
Next High | 162.11200 |
Current Price | 162.03000 |
Next Low | 160.65800 |
2nd Low | 159.10300 |
3rd Low | 158.64400 |
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Bearish Engulfing