EUR/JPY – 1H – SELLThe combination Euro/Japanese Yen (EUR/JPY) jumps from the bullish trendline downwards
A bearish trend downwards to the next support at 162.33800 is expected.
Caution: A possible reversal of the trend in the direction of the resistance zone at 164.89900 is also possible.
In the case of a trade, always set appropriate stop-loss settings.
In addition a ‘Bearish Belt Hold’ candle pattern is found. The chart shows ‘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’ going 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 | 162.36500 |
| Next Low | 162.33800 |
| 2nd Low | 159.80200 |
| 3rd Low | 159.10300 |
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Bearish Belt Hold