EUR/JPY – 30M – SELLThe combination Euro/Japanese Yen (EUR/JPY) jumps from the bearish trendline downwards
A continuation of the bearish trend downwards to the next support at 162.84100 is likely expected.
Caution: A possible counter-trend in the direction of the resistance level at 163.59300 could be enabled.
Please make appropriate stop-loss settings in the case of a trade.
Besides a ‘Last Engulfing Bottom:’ candlestick chart pattern is detected. The candles show ‘Last Engulfing Bottom:’. this is a bearish pattern signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Last Engulfing Bottom:’ going down is 65% (Bull Market) & 67% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 163.79700 |
| 2nd High | 163.65900 |
| Next High | 163.59300 |
| Current Price | 163.38600 |
| Next Low | 162.84100 |
| 2nd Low | 162.50700 |
| 3rd Low | 162.33800 |
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Last Engulfing Bottom: