EUR/JPY – 30M – BUYThe pair Euro/Japanese Yen (EUR/JPY) moves from the bullish trendline down.
The bearish trend down to the next support at 156.97900 is likely expected.
Caution: A possible change in the direction of the resistance line at 158.65400 is also possible.
In case of a trade, appropriate stop-loss settings should be considered.
Next a ‘Bullish Engulfing’ candlestick pattern is existing. The chart forms ‘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 likelyhood of ‘Bullish Engulfing’ going up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 159.97600 |
| 2nd High | 158.89000 |
| Next High | 158.65400 |
| Current Price | 158.13900 |
| Next Low | 156.97900 |
| 2nd Low | 156.17400 |
| 3rd Low | 156.04200 |
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Bullish Engulfing