EUR/JPY – 1H – BUYThe currency pair Euro/Japanese Yen (EUR/JPY) jumps from the ascending trendline down.
A bearish descent down to the next support at 158.36500 is considered certain.
Caution: A possible counter-trend in the direction of the resistance level at 160.33800 should be noted.
In case of a trade, appropriate stop-loss settings should be considered.
Then a ‘Bullish Engulfing’ candlestick pattern is detected. The candles show ‘Bullish Engulfing’. 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 Engulfing’ going up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 162.11200 |
| 2nd High | 162.00700 |
| Next High | 160.33800 |
| Current Price | 158.61000 |
| Next Low | 158.36500 |
| 2nd Low | 158.09900 |
| 3rd Low | 157.11600 |
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Bullish Engulfing