EUR/JPY – 1H – BUYThe combination Euro/Japanese Yen (EUR/JPY) moves from the ascending trendline downwards
A descending movement downwards to the next support level at 164.02100 is likely expected.
Caution: A possible trend reversal in the direction of the resistance line at 164.82700 is within the realm of possibility.
Consider stop-loss settings accordingly.
Then a ‘Matching Low’ candlestick chart pattern is discovered. The candles show ‘Matching Low’. which is a positive chart scenario. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Matching Low’ going up is 61% (Bull & Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 166.09600 |
| 2nd High | 165.02900 |
| Next High | 164.82700 |
| Current Price | 164.72300 |
| Next Low | 164.02100 |
| 2nd Low | 163.01700 |
| 3rd Low | 162.84100 |
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Matching Low