EUR/JPY – 30M – BUY

The combination Euro/Japanese Yen (EUR/JPY) jumps from the bullish trendline down.

A descent downwards to the next support line at 159.80200 is expected.

Caution: A possible reversal of the trend in the direction of the resistance level at 163.65900 should always be considered.
Please make appropriate stop-loss settings in the case of a trade.

Correction of the major bullish trend broke the Fibonacci 0.24-Level.Continuation of the current descending trend is expected. Target of the current trend is 161.7995 at the Fibonacci level 0.5-Level. Caution: A possible reversal of the trend in the direction of the support level at 163.65900 should always be considered.
Please make appropriate stop-loss settings in the case of a trade.

Next a ‘Three Outside Down’ candlestick pattern is detected. The chart shows ‘Three Outside Down’. which is a bearish pattern signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Three Outside Down’ heading down is 69% (Bull Market) & 70% (Bear Market).

Download EUR/JPY Signal Image

Trading Signals: FOREX – EUR – EUR/JPY – JPY – Three Outside Down