EUR/JPY – 1H – SELLThe pair Euro/Japanese Yen (EUR/JPY) goes from the bullish trendline downwards
The bearish trend downwards to the next support level at 159.80200 is expected.
Caution: A possible reversal of the trend in the direction of the resistance zone at 164.75300 should always be considered.
In the case of a trade, always set appropriate stop-loss settings.
Additionally a ‘Bearish Engulfing’ candle pattern is existing. The candles show ‘Bearish Engulfing’. this is a bearish chart scenario. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 166.09600 |
| 2nd High | 165.02900 |
| Next High | 164.75300 |
| Current Price | 163.35300 |
| Next Low | 159.80200 |
| 2nd Low | 159.10300 |
| 3rd Low | 158.64400 |
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Bearish Engulfing