EUR/JPY – 1H – SELLThe combination Euro/Japanese Yen (EUR/JPY) moves from the ascending trendline downwards
A descending movement downwards to the next support level at 162.44600 is considered certain.
Caution: A possible trend reversal in the direction of the resistance line at 164.89900 could be enabled.
In the case of a trade, always set appropriate stop-loss settings.
Next a ‘Bearish Engulfing’ candlestick pattern is found. The candles show ‘Bearish Engulfing’. this is a bearish chart scenario. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 166.09600 |
| 2nd High | 165.02900 |
| Next High | 164.89900 |
| Current Price | 162.82900 |
| Next Low | 162.44600 |
| 2nd Low | 162.33800 |
| 3rd Low | 159.80200 |
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Bearish Engulfing