EUR/JPY – 1H – BUYThe currency pair Euro/Japanese Yen (EUR/JPY) jumps from the ascending trendline downwards
A bearish trend downwards to the next support at 164.02100 will continue.
Caution: A possible change in the direction of resistance at 164.82700 is within the realm of possibility.
In the case of a trade, always set appropriate stop-loss settings.
Moreover a ‘Matching Low’ candle chart pattern is discovered. The chart shows ‘Matching Low’. which is a positive signal. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Matching Low’ heading up is 61% (Bull & Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 166.09600 |
| 2nd High | 165.02900 |
| Next High | 164.82700 |
| Current Price | 164.54100 |
| Next Low | 164.02100 |
| 2nd Low | 163.01700 |
| 3rd Low | 162.84100 |
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Matching Low