EUR/JPY – 4H – SELLThe combination Euro/Japanese Yen (EUR/JPY) moves from the descending trendline down.
A continuation of the downtrend downwards to the next support line at 159.47200 is certain.
Caution: A possible counter-trend in the direction of resistance at 164.17500 is also possible.
Consider stop-loss settings accordingly.
Correction of the major bearish trend halted around the Fibonacci 0.79-Level.Continuation of the current descending trend is certain. Current target is 161.1965 at the Fibonacci level 0.5-Level. Caution: A possible counter-trend in the direction of the support line at 164.17500 is also possible.
Consider stop-loss settings accordingly.
Additionally a ‘Bearish Harami’ candlestick pattern is discovered. The candles show ‘Bearish Harami’. which is a negative signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bearish Harami’ going down is 53% (Bull Market) & 50% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 164.18100 |
| Next High | 164.17500 |
| Current Price | 162.41500 |
| Next Low | 159.47200 |
| 2nd Low | 158.21800 |
| 3rd Low | 155.58400 |
162.37900 – 164.17500 – 163.36000 – 159.47200 – 158.21800 – 161.36600
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Bearish Harami