USD/JPY – 1H – SELLThe currency pair US Dollar/Japanese Yen (USD/JPY) jumps from the ascending trendline down.
A bearish trend downwards to the next support at 157.35000 will continue.
Caution: A possible reversal of the trend in the direction of the resistance zone at 158.08100 is also possible.
Please make appropriate stop-loss settings in the case of a trade.
Additionally a ‘Bearish Engulfing’ candle chart pattern is found. 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 likelyhood of ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | 158.08100 |
| Current Price | 157.79400 |
| Next Low | 157.35000 |
| 2nd Low | 157.05500 |
| 3rd Low | 156.88600 |
Trading Signals: FOREX – USD – USD/JPY – JPY – Bearish Engulfing