EUR/JPY – 1H – BUYThe pair Euro/Japanese Yen (EUR/JPY) breaks through the descending trendline upwards
An ascent up to the next resistance at 157.98100 is considered certain.
Caution: A possible change in the direction of the support level at 156.17400 could happen.
Please make appropriate stop-loss settings in the case of a trade.
Then a ‘Bullish Engulfing’ candlestick pattern is discovered. The candles form ‘Bullish Engulfing’. which is a positive pattern signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bullish Engulfing’ heading up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 158.89000 |
| 2nd High | 158.63300 |
| Next High | 157.98100 |
| Current Price | 158.19300 |
| Next Low | 156.17400 |
| 2nd Low | 156.04200 |
| 3rd Low | 155.14800 |
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Bullish Engulfing