EUR/JPY – 1H – BUYThe combination Euro/Japanese Yen (EUR/JPY) jumps from the ascending trendline downwards
A bearish descent downwards to the next support level at 159.10300 is considered certain.
Caution: A possible change in the direction of resistance at 160.54100 is also possible.
Consider stop-loss settings accordingly.
There is also a ‘On Neck’ chart pattern is discovered. The chart forms ‘On Neck’. which is a negative signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘On Neck’ heading down is 56% (Bull Market) & 58% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 162.00700 |
| 2nd High | 160.68900 |
| Next High | 160.54100 |
| Current Price | 159.79800 |
| Next Low | 159.10300 |
| 2nd Low | 158.64400 |
| 3rd Low | 157.86000 |