EUR/JPY – 4H – BUYThe pair Euro/Japanese Yen (EUR/JPY) breaks through the descending trendline up.
A bullish movement upwards to the next resistance at 163.79700 will continue.
Caution: A possible change in the direction of support at 159.80200 could be enabled.
Please make appropriate stop-loss settings in the case of a trade.
In addition a ‘Three Outside Up’ candlestick pattern is detected. The candles form ‘Three Outside Up’. which is a bullish signal. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Three Outside Up’ heading up is 75% (Bull Market) & 74% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 165.02900 |
| 2nd High | 164.75300 |
| Next High | 163.79700 |
| Current Price | 163.95100 |
| Next Low | 159.80200 |
| 2nd Low | 158.64400 |
| 3rd Low | 157.86000 |
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Three Outside Up