EUR/JPY – 4H – SELLThe pair Euro/Japanese Yen (EUR/JPY) goes from the ascending trendline down.
A descending movement down to the next support at 161.70300 is considered certain.
Caution: A possible trend reversal in the direction of the resistance zone at 163.75200 could happen.
Consider stop-loss settings accordingly.
Then a ‘Bearish Belt Hold’ candle chart pattern is existing. The candles form ‘Bearish Belt Hold’. 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 chance of ‘Bearish Belt Hold’ heading down is 68% (Bull Market) & 69% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 164.18100 |
| 2nd High | 164.17500 |
| Next High | 163.75200 |
| Current Price | 163.43400 |
| Next Low | 161.70300 |
| 2nd Low | 160.97900 |
| 3rd Low | 159.47200 |
163.75200 – 162.66700 – 162.63200 – 161.70300 – 160.97900 – 161.23900
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Bearish Belt Hold