EUR/JPY – 30M – BUYThe pair Euro/Japanese Yen (EUR/JPY) breaks through the ascending trendline up.
A continuation of the bullish trend up to the next resistance level at 160.25400 is considered certain.
Caution: A possible trend reversal in the direction of the support level at 159.63400 should be noted.
Please make appropriate stop-loss settings in the case of a trade.
Additionally a ‘Bullish Engulfing’ candlestick pattern is found. The chart shows ‘Bullish Engulfing’. which is a bullish signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bullish Engulfing’ heading up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 160.68900 |
| 2nd High | 160.54100 |
| Next High | 160.25400 |
| Current Price | 161.12900 |
| Next Low | 159.63400 |
| 2nd Low | 159.10300 |
| 3rd Low | 158.64400 |
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Bullish Engulfing