EUR/JPY – 4H – BUYThe pair Euro/Japanese Yen (EUR/JPY) goes from the bullish trendline down.
A bearish trend downwards to the next support level at 156.17400 will continue.
Caution: A possible counter-trend in the direction of resistance at 164.75300 is also possible.
Please make appropriate stop-loss settings in the case of a trade.
Correction of the major bearish trend broke through the Fibonacci 0.24-Level.Continuation of the current ascending trend will continue. Current target is 161.2635 at the Fibonacci level 0.5-Level. Caution: A possible counter-trend in the direction of resistance at 164.75300 is also possible.
Please make appropriate stop-loss settings in the case of a trade.
Additionally a ‘Three Outside Up’ candle pattern is found. The chart forms ‘Three Outside Up’. this is a bullish chart scenario. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Three Outside Up’ heading up is 75% (Bull Market) & 74% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 166.09600 |
| 2nd High | 165.02900 |
| Next High | 164.75300 |
| Current Price | 159.29000 |
| Next Low | 156.17400 |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Three Outside Up