EUR/JPY – 4H – BUYThe combination Euro/Japanese Yen (EUR/JPY) goes from the ascending trendline down.
A bearish movement down to the next support at 158.64400 will persist.
Caution: A possible counter-trend in the direction of the resistance zone at 164.75300 could happen.
In the case of a trade, always set appropriate stop-loss settings.
Additionally a ‘Inverted Hammer’ chart pattern is detected. The candles form ‘Inverted Hammer’. this is a bullish chart scenario. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Inverted Hammer’ heading up is 65% (Bull Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 166.09600 |
| 2nd High | 165.02900 |
| Next High | 164.75300 |
| Current Price | 163.35300 |
| Next Low | 158.64400 |
| 2nd Low | 157.86000 |
| 3rd Low | 156.17400 |
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Inverted Hammer