EUR/JPY – 1H – SELLThe currency pair Euro/Japanese Yen (EUR/JPY) goes from the ascending trendline down.
The bearish trend downwards to the next support level at 159.80200 is considered certain.
Caution: A possible change in the direction of the resistance level at 163.79700 is within the realm of possibility.
In case of a trade, appropriate stop-loss settings should be considered.
Also there is a ‘Last Engulfing Bottom:’ candlestick pattern is discovered. The candles show ‘Last Engulfing Bottom:’. which is a bearish signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Last Engulfing Bottom:’ going down is 65% (Bull Market) & 67% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 165.02900 |
| 2nd High | 164.75300 |
| Next High | 163.79700 |
| Current Price | 162.98300 |
| Next Low | 159.80200 |
| 2nd Low | 159.10300 |
| 3rd Low | 158.64400 |
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Last Engulfing Bottom: