USD/JPY – 30M – SELLThe combination US Dollar/Japanese Yen (USD/JPY) jumps from the ascending trendline downwards
A descent down to the next support level at 156.67900 will continue.
Caution: A possible change in the direction of the resistance zone at 156.982 should always be considered.
In case of a trade, appropriate stop-loss settings should be considered.
Besides a ‘Last Engulfing Top’ candlestick pattern is existing. The chart forms ‘Last Engulfing Top’. which is a bearish chart scenario. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Last Engulfing Top’ going down is 68% (Bull Market) & 67% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 159.452 |
| 2nd High | 159.223 |
| Next High | 156.982 |
| Current Price | 157.06200 |
| Next Low | 156.67900 |
| 2nd Low | 156.346 |
| 3rd Low | 155.523 |
156.982 – 156.851 – 156.079 – 156.67900 – 156.346 – 155.523 —
156.84200 – 157.17300 —
51.157765986438 – 65.088817486678 —
156.67900 – 1770269400 —
156.982 – 1770258600
Trading Signals: FOREX – USD – USD/JPY – JPY – Last Engulfing Top – – – – – – – – –