USD/JPY – 1H – SELLThe pair US Dollar/Japanese Yen (USD/JPY) goes from the bullish trendline downwards
A bearish descent down to the next support level at 156.01700 is expected.
Caution: A possible change in the direction of the resistance line at 157.77700 is also possible.
In case of a trade, appropriate stop-loss settings should be considered.
Also there is a ‘Bearish Engulfing’ candle chart pattern is found. The chart shows ‘Bearish Engulfing’. this is a bearish pattern signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 158.08100 |
| 2nd High | 158.06800 |
| Next High | 157.77700 |
| Current Price | 157.07300 |
| Next Low | 156.01700 |
| 2nd Low | 155.94900 |
| 3rd Low | 153.15600 |
Trading Signals: FOREX – USD – USD/JPY – JPY – Bearish Engulfing