EUR/JPY – 30M – BUYThe pair Euro/Japanese Yen (EUR/JPY) goes from the bullish trendline downwards
The bearish trend downwards to the next support at 158.22600 is considered certain.
Caution: A possible trend reversal in the direction of the resistance zone at 158.83200 could occur.
In case of a trade, appropriate stop-loss settings should be considered.
In addition a ‘Bullish Engulfing’ candlestick pattern is found. The chart forms ‘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 | 160.33800 |
| 2nd High | 159.97600 |
| Next High | 158.83200 |
| Current Price | 158.41600 |
| Next Low | 158.22600 |
| 2nd Low | 158.09900 |
| 3rd Low | 157.11600 |
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Bullish Engulfing