EUR/JPY – 4H – SELLThe pair Euro/Japanese Yen (EUR/JPY) goes from the descending trendline downwards
A continuation of the bearish trend down to the next support line at 159.80200 is likely expected.
Caution: A possible counter-trend in the direction of the resistance zone at 164.75300 could happen.
Consider stop-loss settings accordingly.
Moreover a ‘Three Black Crows’ candlestick chart pattern is existing. The candles form ‘Three Black Crows’. which is a negative chart scenario. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Three Black Crows’ heading down is 82%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 165.02900 |
| Next High | 164.75300 |
| Current Price | 163.03600 |
| Next Low | 159.80200 |
| 2nd Low | 158.64400 |
| 3rd Low | 157.86000 |
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Three Black Crows