EUR/JPY – 4H – BUYThe currency pair Euro/Japanese Yen (EUR/JPY) moves from the bullish trendline down.
A bearish movement down to the next support at 159.80200 is likely expected.
Caution: A possible change in the direction of the resistance line at 164.89900 is also possible.
Consider stop-loss settings accordingly.
Additionally a ‘Stick Sandwich’ candlestick pattern is found. The candles form ‘Stick Sandwich’. which is a bullish chart scenario. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Stick Sandwich’ heading up is 62% (Bull Market) & 63% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 165.02900 |
| Next High | 164.89900 |
| Current Price | 162.82100 |
| Next Low | 159.80200 |
| 2nd Low | 158.64400 |
| 3rd Low | 157.86000 |
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Stick Sandwich