The pair Euro/Japanese Yen (EUR/JPY) goes from the ascending trendline down.
A bearish descent downwards to the next support line at 158.64400 will persist.
Caution: A possible trend reversal in the direction of the resistance line at 159.98800 should always be considered.
In the case of a trade, always set appropriate stop-loss settings.
Correction of the major bullish trend broke the Fibonacci 0-Level.Continuation of the current descending trend will persist. Current target is 159.543856 at the Fibonacci level 0.24-Level. Caution: A possible trend reversal in the direction of support at 159.98800 should always be considered.
In the case of a trade, always set appropriate stop-loss settings.
Additionally a ‘Matching Low’ candlestick pattern is discovered. The candles show ‘Matching Low’. which is a positive signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Matching Low’ going up is 61% (Bull & Bear Market).
Support & Resistance | Price Range* |
---|---|
3rd High | 160.33800 |
2nd High | 160.06400 |
Next High | 159.98800 |
Current Price | 159.75300 |
Next Low | 158.64400 |
2nd Low | 157.86000 |
3rd Low | 157.55500 |
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Matching Low