EUR/JPY – 30M – BUYThe combination Euro/Japanese Yen (EUR/JPY) breaks through the descending trendline upwards
A bullish trend upwards to the next resistance at 160.68900 is expected.
Caution: A possible counter-trend in the direction of the support line at 159.56400 is within the realm of possibility.
Please make appropriate stop-loss settings in the case of a trade.
Next a ‘Bearish SBS White Lines’ chart pattern is detected. The candles show ‘Bearish SBS White Lines’. which is a negative pattern signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bearish SBS White Lines’ going down is 56% (Bull Market) & 57% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 162.00700 |
| 2nd High | 160.70500 |
| Next High | 160.68900 |
| Current Price | 159.98700 |
| Next Low | 159.56400 |
| 2nd Low | 158.64400 |
| 3rd Low | 157.86000 |
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Bearish SBS White Lines