EUR/JPY – 30M – SELLThe combination Euro/Japanese Yen (EUR/JPY) goes from the ascending trendline down.
A descending movement down to the next support at 161.57200 will persist.
Caution: A possible trend reversal in the direction of resistance at 163.18400 should be noted.
Consider stop-loss settings accordingly.
There is also a ‘Bearish Engulfing’ candlestick chart pattern is discovered. The chart forms ‘Bearish Engulfing’. this is a bearish chart scenario. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 163.80500 |
| 2nd High | 163.50600 |
| Next High | 163.18400 |
| Current Price | 162.66500 |
| Next Low | 161.57200 |
| 2nd Low | 160.03000 |
| 3rd Low | 159.80200 |
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Bearish Engulfing