EUR/JPY – 30M – BUYThe combination Euro/Japanese Yen (EUR/JPY) breaks through the descending trendline up.
A bullish trend upwards to the next resistance level at 163.11300 is expected.
Caution: A possible trend reversal in the direction of the support zone at 162.36700 could occur.
Please make appropriate stop-loss settings in the case of a trade.
Furthermore a ‘Bullish Belt Hold’ candle pattern is existing. The chart shows ‘Bullish Belt Hold’. which is a positive pattern signal. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Bullish Belt Hold’ going up is 71% (Bull Market) & 71% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 163.80500 |
| 2nd High | 163.50600 |
| Next High | 163.11300 |
| Current Price | 162.67200 |
| Next Low | 162.36700 |
| 2nd Low | 161.62200 |
| 3rd Low | 161.38200 |
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Bullish Belt Hold