USD/JPY – 1H – SELLThe combination US Dollar/Japanese Yen (USD/JPY) moves from the bearish trendline down.
A continuation of the downward movement down to the next support level at 153.15600 is expected.
Caution: A possible change in the direction of the resistance line at could happen.
In case of a trade, appropriate stop-loss settings should be considered.
Additionally a ‘Bearish Engulfing’ candlestick pattern is existing. The chart shows ‘Bearish Engulfing’. which is a bearish signal. The 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 | |
| 2nd High | |
| Next High | |
| Current Price | 157.69200 |
| Next Low | 153.15600 |
| 2nd Low | 151.79600 |
| 3rd Low | 151.00000 |
Trading Signals: FOREX – USD – USD/JPY – JPY – Bearish Engulfing