EUR/JPY – 1H – BUYCorrection of the major bullish trend halted around the Fibonacci 0.24-Level.Continuation of the current ascending trend is certain. Current target is 163.797 at the Fibonacci level 0-Level. Caution: A possible reversal of the trend in the direction of the resistance level at 163.79700 is also possible.
Please make appropriate stop-loss settings in the case of a trade.
In addition a ‘Bullish Engulfing’ candlestick chart pattern is found. The candles form ‘Bullish Engulfing’. which is a positive pattern signal. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bullish Engulfing’ going up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 165.02900 |
| 2nd High | 164.75300 |
| Next High | 163.79700 |
| Current Price | 163.05500 |
| Next Low | 159.80200 |
| 2nd Low | 159.10300 |
| 3rd Low | 158.64400 |
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Bullish Engulfing