Sell EUR/JPY – 4H – SELL

The pair Euro/Japanese Yen (EUR/JPY) goes from the ascending trendline downwards

The bearish trend downwards to the next support level at 160.89500 is expected.

Caution: A possible counter-trend in the direction of the resistance level at 164.89900 should always be considered.
Consider stop-loss settings accordingly.

Correction of the major bullish trend broke the Fibonacci 0.24-Level.Continuation of the current descending trend is expected. Current target is 161.3795 at the Fibonacci level 0.5-Level. Caution: A possible counter-trend in the direction of the support zone at 164.89900 should always be considered.
Consider stop-loss settings accordingly.

Besides a ‘Three Outside Down’ chart pattern is discovered. The chart shows ‘Three Outside Down’. which is a bearish signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Three Outside Down’ going down is 69% (Bull Market) & 70% (Bear Market).

Support & Resistance Price Range*
3rd High
2nd High 165.02900
Next High 164.89900
Current Price 162.98400
Next Low 160.89500
2nd Low 159.80200
3rd Low 158.64400

Download EUR/JPY Signal Image

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