EUR/JPY – 4H – BUYThe currency pair Euro/Japanese Yen (EUR/JPY) jumps from the ascending trendline downwards
A descending movement downwards to the next support line at 158.64400 is likely expected.
Caution: A possible reversal of the trend in the direction of the resistance zone at 164.75300 could occur.
In the case of a trade, always set appropriate stop-loss settings.
And also a ‘Bullish Engulfing’ chart pattern is discovered. The candles show ‘Bullish Engulfing’. which is a bullish pattern signal. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bullish Engulfing’ heading up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 166.09600 |
| 2nd High | 165.02900 |
| Next High | 164.75300 |
| Current Price | 161.11500 |
| Next Low | 158.64400 |
| 2nd Low | 157.86000 |
| 3rd Low | 156.17400 |
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Bullish Engulfing