EUR/JPY – 4H – BUYThe currency pair Euro/Japanese Yen (EUR/JPY) goes from the descending trendline downwards
A continuation of the downward movement down to the next support level at 158.64400 is considered certain.
Caution: A possible reversal of the trend in the direction of the resistance line at 160.68900 is within the realm of possibility.
Consider stop-loss settings accordingly.
Besides a ‘Three White Soldiers’ candle pattern is discovered. The candles form ‘Three White Soldiers’. which is a positive signal. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Three White Soldiers’ going up is 82%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 165.02900 |
| 2nd High | 164.75300 |
| Next High | 160.68900 |
| Current Price | 160.32600 |
| Next Low | 158.64400 |
| 2nd Low | 157.86000 |
| 3rd Low | 156.17400 |
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Three White Soldiers