EUR/JPY – 1H – BUYThe combination Euro/Japanese Yen (EUR/JPY) goes from the ascending trendline down.
A bearish movement down to the next support at 159.10300 is certain.
Caution: A possible reversal of the trend in the direction of resistance at 160.54100 should always be considered.
Please make appropriate stop-loss settings in the case of a trade.
Next a ‘Three Outside Down’ candle pattern is detected. The chart shows ‘Three Outside Down’. 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 ‘Three Outside Down’ going down is 69% (Bull Market) & 70% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 162.00700 |
| 2nd High | 160.68900 |
| Next High | 160.54100 |
| Current Price | 161.29000 |
| Next Low | 159.10300 |
| 2nd Low | 158.64400 |
| 3rd Low | 157.86000 |
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Three Outside Down