EUR/JPY – 1H – BUYThe currency pair Euro/Japanese Yen (EUR/JPY) goes from the descending trendline down.
A continuation of the bearish trend down to the next support at 158.36500 will continue.
Caution: A possible reversal of the trend in the direction of the resistance zone at 160.33800 is within the realm of possibility.
In the case of a trade, always set appropriate stop-loss settings.
Also there is a ‘Bullish Engulfing’ chart pattern is detected. The chart forms ‘Bullish Engulfing’. which is a positive chart scenario. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bullish Engulfing’ heading up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 162.11200 |
| 2nd High | 162.00700 |
| Next High | 160.33800 |
| Current Price | 158.60600 |
| Next Low | 158.36500 |
| 2nd Low | 158.09900 |
| 3rd Low | 157.11600 |
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Bullish Engulfing