EUR/JPY – 30M – BUYThe combination Euro/Japanese Yen (EUR/JPY) moves from the ascending trendline down.
The bearish trend downwards to the next support line at 163.01700 will continue.
Caution: A possible reversal of the trend in the direction of the resistance level at 163.62600 is also possible.
Please make appropriate stop-loss settings in the case of a trade.
Also there is a ‘Bullish Meeting Lines’ chart pattern is found. The chart forms ‘Bullish Meeting Lines’. which is a positive pattern signal. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bullish Meeting Lines’ heading up is 56% (Bull Market) & 52% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 163.79700 |
| 2nd High | 163.65900 |
| Next High | 163.62600 |
| Current Price | 163.29300 |
| Next Low | 163.01700 |
| 2nd Low | 162.84100 |
| 3rd Low | 162.50700 |
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Bullish Meeting Lines