EUR/JPY – 30M – BUYThe currency pair Euro/Japanese Yen (EUR/JPY) jumps from the ascending trendline downwards
The bearish trend down to the next support line at 164.17500 is likely expected.
Caution: A possible change in the direction of the resistance zone at 164.89900 could happen.
Consider stop-loss settings accordingly.
Then a ‘Hammer’ chart pattern is found. The chart shows ‘Hammer’. this is a bullish pattern signal. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Hammer’ going up is 60% (Bull Market) & 59% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 165.41800 |
| 2nd High | 165.02900 |
| Next High | 164.89900 |
| Current Price | 164.66700 |
| Next Low | 164.17500 |
| 2nd Low | 164.02100 |
| 3rd Low | 163.47900 |