EUR/JPY – 1H – BUYThe currency pair Euro/Japanese Yen (EUR/JPY) moves from the bullish trendline down.
A descent downwards to the next support level at 159.80200 is considered certain.
Caution: A possible trend reversal in the direction of the resistance level at 163.31300 is within the realm of possibility.
In case of a trade, appropriate stop-loss settings should be considered.
Besides a ‘Bullish Engulfing’ candlestick chart pattern is detected. The candles form ‘Bullish Engulfing’. this is a bullish signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bullish Engulfing’ going up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 165.02900 |
| 2nd High | 164.89900 |
| Next High | 163.31300 |
| Current Price | 161.78400 |
| Next Low | 159.80200 |
| 2nd Low | 159.10300 |
| 3rd Low | 158.64400 |
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Bullish Engulfing