EUR/JPY – 1H – BUY

The combination Euro/Japanese Yen (EUR/JPY) jumps from the ascending trendline downwards

A bearish descent downwards to the next support level at 159.10300 is considered certain.

Caution: A possible change in the direction of resistance at 160.54100 is also possible.
Consider stop-loss settings accordingly.

There is also a ‘On Neck’ chart pattern is discovered. The chart forms ‘On Neck’. which is a negative signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘On Neck’ heading down is 56% (Bull Market) & 58% (Bear Market).

Download EUR/JPY Signal Image

Trading Signals: FOREX – EUR – EUR/JPY – JPY – On Neck