EUR/JPY – 30M – BUYThe pair Euro/Japanese Yen (EUR/JPY) goes from the bullish trendline downwards
A descending movement down to the next support line at 163.01700 is considered certain.
Caution: A possible trend reversal in the direction of resistance at 163.59100 could occur.
Consider stop-loss settings accordingly.
In addition a ‘Three Outside Up’ candlestick pattern is existing. The chart forms ‘Three Outside Up’. which is a bullish chart scenario. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Three Outside Up’ heading up is 75% (Bull Market) & 74% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 163.65900 |
| 2nd High | 163.61600 |
| Next High | 163.59100 |
| Current Price | 163.43700 |
| Next Low | 163.01700 |
| 2nd Low | 162.84100 |
| 3rd Low | 162.50700 |
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Three Outside Up