EUR/JPY – 30M – BUYThe pair Euro/Japanese Yen (EUR/JPY) moves from the descending trendline upwards
An ascent upwards to the next resistance at 162.46900 is certain.
Caution: A possible reversal of the trend in the direction of support at 160.76900 is also possible.
Consider stop-loss settings accordingly.
Correction of the major bullish trend halted around the Fibonacci 0.7-Level.Continuation of the current ascending trend is certain. Current target is 161.5635 at the Fibonacci level 0.5-Level. Caution: A possible reversal of the trend in the direction of the resistance line at 162.46900 is also possible.
Consider stop-loss settings accordingly.
There is also a ‘Three Outside Up’ candlestick chart pattern is discovered. The candles show ‘Three Outside Up’. this is a bullish pattern signal. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Three Outside Up’ heading up is 75% (Bull Market) & 74% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 163.76900 |
| 2nd High | 162.48600 |
| Next High | 162.46900 |
| Current Price | 161.16500 |
| Next Low | 160.76900 |
| 2nd Low | 160.65800 |
| 3rd Low | 159.63400 |
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Three Outside Up