EUR/JPY – 30M – SELLThe combination Euro/Japanese Yen (EUR/JPY) moves from the bearish trendline down.
A continuation of the downtrend down to the next support line at 162.62400 will persist.
Caution: A possible reversal of the trend in the direction of the resistance zone at 163.50600 should always be considered.
Please make appropriate stop-loss settings in the case of a trade.
Correction of the major bearish trend halted around the Fibonacci 0.24-Level.Continuation of the current descending trend will persist. Current target is 162.624 at the Fibonacci level 0-Level. Caution: A possible reversal of the trend in the direction of the support level at 163.50600 should always be considered.
Please make appropriate stop-loss settings in the case of a trade.
And also a ‘Bearish Engulfing’ candle chart pattern is found. The candles show ‘Bearish Engulfing’. 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 ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 164.54500 |
| 2nd High | 163.80500 |
| Next High | 163.50600 |
| Current Price | 162.91300 |
| Next Low | 162.62400 |
| 2nd Low | 162.60100 |
| 3rd Low | 162.48800 |
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Bearish Engulfing