EUR/JPY – 30M – BUYThe pair Euro/Japanese Yen (EUR/JPY) goes from the ascending trendline downwards
A descending movement down to the next support at 159.58400 is considered certain.
Caution: A possible counter-trend in the direction of the resistance zone at 160.33800 is also possible.
In case of a trade, appropriate stop-loss settings should be considered.
Next a ‘Bullish Engulfing’ candle chart pattern is found. The candles show ‘Bullish Engulfing’. this is a bullish pattern signal. The currency pair is likely to go up. 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 | 162.00700 |
| 2nd High | 160.70500 |
| Next High | 160.33800 |
| Current Price | 159.68900 |
| Next Low | 159.58400 |
| 2nd Low | 159.24900 |
| 3rd Low | 159.09000 |
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Bullish Engulfing