EUR/JPY – 30M – BUYThe currency pair Euro/Japanese Yen (EUR/JPY) goes from the ascending trendline down.
A bearish movement downwards to the next support at 163.01700 is certain.
Caution: A possible trend reversal in the direction of the resistance level at 163.59100 is within the realm of possibility.
Please make appropriate stop-loss settings in the case of a trade.
Furthermore a ‘Bullish Engulfing’ candle chart pattern is detected. The chart forms ‘Bullish Engulfing’. which is a positive signal. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bullish Engulfing’ heading up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 163.65900 |
| 2nd High | 163.61600 |
| Next High | 163.59100 |
| Current Price | 163.43100 |
| Next Low | 163.01700 |
| 2nd Low | 162.84100 |
| 3rd Low | 162.50700 |
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Bullish Engulfing