EUR/JPY – 30M – BUYThe currency pair Euro/Japanese Yen (EUR/JPY) jumps from the ascending trendline down.
A bearish descent downwards to the next support at 159.36800 is considered certain.
Caution: A possible trend reversal in the direction of resistance at 159.98800 could happen.
In the case of a trade, always set appropriate stop-loss settings.
Correction of the major bullish trend halted around the Fibonacci 0.24-Level.Continuation of the current ascending trend is considered certain. Current target is 160.064 at the Fibonacci level 0-Level. Caution: A possible trend reversal in the direction of resistance at 159.98800 could happen.
In the case of a trade, always set appropriate stop-loss settings.
In addition a ‘Three Outside Up’ candle pattern is existing. The chart shows ‘Three Outside Up’. this is a bullish signal. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Three Outside Up’ going up is 75% (Bull Market) & 74% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 160.33800 |
| 2nd High | 160.06400 |
| Next High | 159.98800 |
| Current Price | 159.70100 |
| Next Low | 159.36800 |
| 2nd Low | 157.86000 |
| 3rd Low | 157.55500 |
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Three Outside Up