EUR/JPY – 1H – SELLThe currency pair Euro/Japanese Yen (EUR/JPY) jumps from the bullish trendline downwards
A descent down to the next support at 161.83600 is certain.
Caution: A possible change in the direction of the resistance zone at 163.75200 should always be considered.
Please make appropriate stop-loss settings in the case of a trade.
Furthermore a ‘Three Outside Down’ chart pattern is discovered. The chart forms ‘Three Outside Down’. which is a bearish pattern signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Three Outside Down’ going down is 69% (Bull Market) & 70% (Bear Market).
Furthermore a ‘Double top chart pattern’ chart layout is detected. The formation shows ‘Double top chart pattern’. this is a bearish chart scenario. The pair is likely to go down.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 164.18100 |
| 2nd High | 164.17500 |
| Next High | 163.75200 |
| Current Price | 162.14900 |
| Next Low | 161.83600 |
| 2nd Low | 161.15300 |
| 3rd Low | 160.97900 |
163.75200 – 162.45900 – 162.46200 – 161.83600 – 161.15300 – 160.97900
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Three Outside Down