EUR/JPY – 4H – BUYThe currency pair Euro/Japanese Yen (EUR/JPY) breaks through the descending trendline upwards
A bullish trend upwards to the next resistance at 164.89900 is expected.
Caution: A possible change in the direction of the support line at 160.89500 could happen.
In the case of a trade, always set appropriate stop-loss settings.
Correction of the major bullish trend halted around the Fibonacci 0.24-Level.Continuation of the current ascending trend is expected. Current target is 164.899 at the Fibonacci level 0-Level. Caution: A possible change in the direction of the resistance zone at 164.89900 could happen.
In the case of a trade, always set appropriate stop-loss settings.
Furthermore a ‘Three Outside Up’ candlestick pattern is existing. The chart shows ‘Three Outside Up’. which is a positive pattern signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Three Outside Up’ heading up is 75% (Bull Market) & 74% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 165.02900 |
| Next High | 164.89900 |
| Current Price | 163.73100 |
| Next Low | 160.89500 |
| 2nd Low | 159.80200 |
| 3rd Low | 158.64400 |
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Three Outside Up