EUR/JPY – 1H – BUYThe pair Euro/Japanese Yen (EUR/JPY) goes from the ascending trendline down.
A descent down to the next support at 162.33800 is likely expected.
Caution: A possible counter-trend in the direction of the resistance zone at 164.89900 could be enabled.
In case of a trade, appropriate stop-loss settings should be considered.
Moreover a ‘Bullish Engulfing’ candle pattern is discovered. The candles form ‘Bullish Engulfing’. this 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 ‘Bullish Engulfing’ heading up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 166.09600 |
| 2nd High | 165.02900 |
| Next High | 164.89900 |
| Current Price | 162.76300 |
| Next Low | 162.33800 |
| 2nd Low | 159.80200 |
| 3rd Low | 159.10300 |
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Bullish Engulfing