EUR/JPY – 30M – BUYThe currency pair Euro/Japanese Yen (EUR/JPY) jumps from the bullish trendline down.
The bearish trend downwards to the next support line at 164.17500 will continue.
Caution: A possible trend reversal in the direction of the resistance zone at 164.76700 is also possible.
In case of a trade, appropriate stop-loss settings should be considered.
And also a ‘Two-Candle Shooting Star’ candle chart pattern is detected. The chart forms ‘Two-Candle Shooting Star’. which is a negative chart scenario. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Two-Candle Shooting Star’ heading down is 61% (Bull Market) & 58% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 165.02900 |
| 2nd High | 164.82700 |
| Next High | 164.76700 |
| Current Price | 164.60400 |
| Next Low | 164.17500 |
| 2nd Low | 164.02100 |
| 3rd Low | 163.47900 |
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Two-Candle Shooting Star