USD/JPY – 1H – SELLThe currency pair US Dollar/Japanese Yen (USD/JPY) moves from the descending trendline downwards
A continuation of the downtrend downwards to the next support level at 142.59500 is expected.
Caution: A possible trend reversal in the direction of resistance at 143.59300 should be noted.
In case of a trade, appropriate stop-loss settings should be considered.
In addition a ‘Bearish Engulfing’ candlestick chart pattern is detected. The chart shows ‘Bearish Engulfing’. which is a negative chart scenario. The 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 | 144.20100 |
| 2nd High | 144.07800 |
| Next High | 143.59300 |
| Current Price | 142.09700 |
| Next Low | 142.59500 |
| 2nd Low | 142.22600 |
| 3rd Low | 142.06300 |
143.59300 – 144.07800 – 144.20100 – 142.59500 – 142.22600 – 142.06300
Trading Signals: FOREX – USD – USD/JPY – JPY – Bearish Engulfing