EUR/JPY – 30M – BUYCorrection of the major bearish trend broke the Fibonacci 0.24-Level.Continuation of the current ascending trend is considered certain. Target of the current trend is 163.6725 at the Fibonacci level 0.5-Level. Caution: A possible counter-trend in the direction of the resistance level at 163.40100 is within the realm of possibility.
In case of a trade, appropriate stop-loss settings should be considered.
Moreover a ‘Shooting Star’ candle pattern is discovered. The chart shows ‘Shooting Star’. which is a bearish signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Shooting Star’ going down is 59% (Bull Market) & 60% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 164.86400 |
| 2nd High | 163.42900 |
| Next High | 163.40100 |
| Current Price | 163.14600 |
| Next Low | 162.61000 |
| 2nd Low | 162.44600 |
| 3rd Low | 162.33800 |
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Shooting Star