EUR/JPY – 30M – SELLThe pair Euro/Japanese Yen (EUR/JPY) goes from the ascending trendline downwards
A descending movement down to the next support at 162.48800 will continue.
Caution: A possible counter-trend in the direction of the resistance level at 164.01700 is within the realm of possibility.
Consider stop-loss settings accordingly.
Moreover a ‘Bearish Engulfing’ chart pattern is discovered. The candles form ‘Bearish Engulfing’. 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 Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 164.89900 |
| 2nd High | 164.86400 |
| Next High | 164.01700 |
| Current Price | 163.52000 |
| Next Low | 162.48800 |
| 2nd Low | 161.62200 |
| 3rd Low | 161.38200 |
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Bearish Engulfing