USD/JPY – 30M – SELLThe pair US Dollar/Japanese Yen (USD/JPY) moves from the bearish trendline down.
A continuation of the downtrend downwards to the next support level at 157.57400 will persist.
Caution: A possible counter-trend in the direction of the resistance level at 158.28200 is within the realm of possibility.
Please make appropriate stop-loss settings in the case of a trade.
Next a ‘Bearish Engulfing’ candlestick pattern is discovered. The chart shows ‘Bearish Engulfing’. which is a negative signal. 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 | 158.54900 |
| 2nd High | 158.51800 |
| Next High | 158.28200 |
| Current Price | 158.00100 |
| Next Low | 157.57400 |
| 2nd Low | 157.37200 |
| 3rd Low | 156.23700 |
Trading Signals: FOREX – USD – USD/JPY – JPY – Bearish Engulfing