EUR/JPY – 4H – BUYThe pair Euro/Japanese Yen (EUR/JPY) goes from the ascending trendline down.
A descent downwards to the next support at 158.64400 will persist.
Caution: A possible reversal of the trend in the direction of the resistance line at 164.75300 is within the realm of possibility.
Please make appropriate stop-loss settings in the case of a trade.
Correction of the major bearish trend halted around the Fibonacci 0.79-Level.Continuation of the current descending trend will persist. Current target is 160.6015 at the Fibonacci level 0.5-Level. Caution: A possible reversal of the trend in the direction of the support level at 164.75300 is within the realm of possibility.
Please make appropriate stop-loss settings in the case of a trade.
Moreover a ‘Matching Low’ candle chart pattern is existing. The chart forms ‘Matching Low’. which is a bullish pattern signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Matching Low’ heading up is 61% (Bull & Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 166.09600 |
| 2nd High | 165.02900 |
| Next High | 164.75300 |
| Current Price | 162.93600 |
| Next Low | 158.64400 |
| 2nd Low | 157.86000 |
| 3rd Low | 156.17400 |
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Matching Low