EUR/JPY – 30M – BUYThe pair Euro/Japanese Yen (EUR/JPY) goes from the bullish trendline down.
A bearish movement downwards to the next support level at 159.44600 will persist.
Caution: A possible counter-trend in the direction of the resistance level at 159.88100 should always be considered.
In case of a trade, appropriate stop-loss settings should be considered.
Also there is a ‘Bullish Meeting Lines’ candlestick chart pattern is found. The chart forms ‘Bullish Meeting Lines’. which is a positive 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 Meeting Lines’ heading up is 56% (Bull Market) & 52% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 160.33800 |
| 2nd High | 159.99000 |
| Next High | 159.88100 |
| Current Price | 159.64300 |
| Next Low | 159.44600 |
| 2nd Low | 157.86000 |
| 3rd Low | 157.55500 |
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Bullish Meeting Lines