Buy EUR/JPY – 1H – BUY

The pair Euro/Japanese Yen (EUR/JPY) goes from the ascending trendline downwards

A bearish descent down to the next support line at 162.33800 is expected.

Caution: A possible trend reversal in the direction of the resistance zone at 163.79700 is within the realm of possibility.
Consider stop-loss settings accordingly.

Correction of the major bullish trend broke through the Fibonacci 0.24-Level.Continuation of the current descending trend is expected. Target of the current trend is 161.7995 at the Fibonacci level 0.5-Level. Caution: A possible trend reversal in the direction of the support level at 163.79700 is within the realm of possibility.
Consider stop-loss settings accordingly.

Additionally a ‘Three Outside Down’ candle chart pattern is discovered. The candles show ‘Three Outside Down’. this is a bearish chart scenario. The currency 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 165.02900
2nd High 164.75300
Next High 163.79700
Current Price 162.71300
Next Low 162.33800
2nd Low 159.80200
3rd Low 159.10300

Download EUR/JPY Signal Image

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