USD/JPY – 1H – SELLThe currency pair US Dollar/Japanese Yen (USD/JPY) jumps from the bullish trendline downwards
A descending movement downwards to the next support at 156.23700 is expected.
Caution: A possible counter-trend in the direction of the resistance line at 158.41300 could occur.
In the case of a trade, always set appropriate stop-loss settings.
Then a ‘Last Engulfing Top’ candlestick pattern is detected. The chart forms ‘Last Engulfing Top’. which is a bearish signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Last Engulfing Top’ going down is 68% (Bull Market) & 67% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | 158.41300 |
| Current Price | 157.82700 |
| Next Low | 156.23700 |
| 2nd Low | 156.01700 |
| 3rd Low | 155.94900 |
Trading Signals: FOREX – USD – USD/JPY – JPY – Last Engulfing Top