EUR/JPY – 1H – SELLThe combination Euro/Japanese Yen (EUR/JPY) jumps from the bullish trendline downwards
A bearish descent downwards to the next support level at 162.80600 is certain.
Caution: A possible trend reversal in the direction of the resistance level at 164.89900 is within the realm of possibility.
Please make appropriate stop-loss settings in the case of a trade.
Additionally a ‘Bearish Belt Hold’ candlestick chart pattern is detected. The chart forms ‘Bearish Belt Hold’. which is a negative 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 Belt Hold’ heading down is 68% (Bull Market) & 69% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 166.09600 |
| 2nd High | 165.02900 |
| Next High | 164.89900 |
| Current Price | 163.03600 |
| Next Low | 162.80600 |
| 2nd Low | 162.33800 |
| 3rd Low | 159.80200 |
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Bearish Belt Hold