EUR/JPY – 4H – BUYThe pair Euro/Japanese Yen (EUR/JPY) goes from the bullish trendline upwards
A continuation of the uptrend upwards to the next resistance at 164.75300 is certain.
Caution: A possible change in the direction of the support zone at 159.80200 is within the realm of possibility.
Consider stop-loss settings accordingly.
Correction of the major bearish trend broke through the Fibonacci 0.79-Level.Continuation of the current ascending trend is certain. Target of the current trend is 165.029 at the Fibonacci level 1-Level. Caution: A possible change in the direction of the resistance zone at 164.75300 is within the realm of possibility.
Consider stop-loss settings accordingly.
Next a ‘Three Outside Up’ candle chart pattern is found. The candles form ‘Three Outside Up’. which is a bullish signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Three Outside Up’ heading up is 75% (Bull Market) & 74% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 166.09600 |
| 2nd High | 165.02900 |
| Next High | 164.75300 |
| Current Price | 163.35000 |
| Next Low | 159.80200 |
| 2nd Low | 158.64400 |
| 3rd Low | 157.86000 |
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Three Outside Up