EUR/JPY – 30M – BUYThe pair Euro/Japanese Yen (EUR/JPY) moves from the ascending trendline downwards
A bearish trend down to the next support at 157.55500 is certain.
Caution: A possible change in the direction of resistance at 159.02900 could occur.
Consider stop-loss settings accordingly.
Next a ‘Bullish Engulfing’ candle chart pattern is detected. The chart shows ‘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 | 159.97600 |
| 2nd High | 159.38600 |
| Next High | 159.02900 |
| Current Price | 158.30800 |
| Next Low | 157.55500 |
| 2nd Low | 156.97900 |
| 3rd Low | 156.17400 |
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Bullish Engulfing