The currency pair Euro/Japanese Yen (EUR/JPY) breaks through the descending trendline up.
A bullish trend up to the next resistance line at 163.42900 is considered certain.
Caution: A possible trend reversal in the direction of the support level at 162.80600 should always be considered.
In case of a trade, appropriate stop-loss settings should be considered.
Correction of the major bearish trend broke the Fibonacci 0-Level.Continuation of the current ascending trend is considered certain. Target of the current trend is 163.299948 at the Fibonacci level 0.24-Level. Caution: A possible trend reversal in the direction of the resistance level at 163.42900 should always be considered.
In case of a trade, appropriate stop-loss settings should be considered.
Also there is a ‘Three White Soldiers’ candlestick chart pattern is discovered. The chart forms ‘Three White Soldiers’. 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 ‘Three White Soldiers’ heading up is 82%.
Support & Resistance | Price Range* |
---|---|
3rd High | 164.89900 |
2nd High | 164.86400 |
Next High | 163.42900 |
Current Price | 163.21700 |
Next Low | 162.80600 |
2nd Low | 162.50700 |
3rd Low | 162.33800 |
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Three White Soldiers