EUR/JPY – 30M – BUYThe currency pair Euro/Japanese Yen (EUR/JPY) goes from the ascending trendline down.
A bearish descent down to the next support at 163.01700 is certain.
Caution: A possible trend reversal in the direction of the resistance zone at 163.62600 should be noted.
Consider stop-loss settings accordingly.
Besides a ‘Bullish Meeting Lines’ chart pattern is found. The chart shows ‘Bullish Meeting Lines’. which is a positive 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 ‘Bullish Meeting Lines’ going 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