EUR/JPY – 4H – BUYThe pair Euro/Japanese Yen (EUR/JPY) breaks through the descending trendline up.
A bullish trend up to the next resistance line at 164.89900 is certain.
Caution: A possible reversal of the trend in the direction of the support level at 160.89500 could happen.
In case of a trade, appropriate stop-loss settings should be considered.
Then a ‘Three Outside Up’ candlestick pattern is found. The candles show ‘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 success rate of a ‘Three Outside Up’ heading up is 75% (Bull Market) & 74% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 165.02900 |
| Next High | 164.89900 |
| Current Price | 163.37100 |
| Next Low | 160.89500 |
| 2nd Low | 159.80200 |
| 3rd Low | 158.64400 |
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Three Outside Up