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 |
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Three Outside Down