EUR/JPY – 30M – BUYThe combination Euro/Japanese Yen (EUR/JPY) moves from the ascending trendline downwards
A bearish trend down to the next support at 159.44600 will continue.
Caution: A possible change in the direction of the resistance zone at 159.99000 could occur.
In case of a trade, appropriate stop-loss settings should be considered.
Next a ‘Bullish Engulfing’ candle chart pattern is found. The candles form ‘Bullish Engulfing’. which is a positive signal. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bullish Engulfing’ going up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 160.70500 |
| 2nd High | 160.33800 |
| Next High | 159.99000 |
| Current Price | 159.55700 |
| Next Low | 159.44600 |
| 2nd Low | 157.86000 |
| 3rd Low | 157.55500 |
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Bullish Engulfing