EUR/JPY – 30M – SELLThe currency pair Euro/Japanese Yen (EUR/JPY) jumps from the descending trendline downwards
A continuation of the downward movement down to the next support line at 161.02900 is likely expected.
Caution: A possible counter-trend in the direction of resistance at 161.48000 could happen.
Consider stop-loss settings accordingly.
Additionally a ‘Bearish Engulfing’ candlestick chart pattern is existing. The chart shows ‘Bearish Engulfing’. which is a negative chart scenario. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 162.48600 |
| 2nd High | 162.46900 |
| Next High | 161.48000 |
| Current Price | 161.25200 |
| Next Low | 161.02900 |
| 2nd Low | 160.76900 |
| 3rd Low | 160.65800 |
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Bearish Engulfing