EUR/JPY – 30M – BUYThe combination Euro/Japanese Yen (EUR/JPY) breaks through the bearish trendline up.
An ascent upwards to the next resistance level at 164.38800 is expected.
Caution: A possible trend reversal in the direction of the support level at 162.60100 should be noted.
In case of a trade, appropriate stop-loss settings should be considered.
There is also a ‘Bullish Engulfing’ candle pattern is detected. The candles form ‘Bullish Engulfing’. this is a bullish pattern signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bullish Engulfing’ going up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 164.89900 |
| 2nd High | 164.86400 |
| Next High | 164.38800 |
| Current Price | 164.11300 |
| Next Low | 162.60100 |
| 2nd Low | 162.48800 |
| 3rd Low | 161.62200 |
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Bullish Engulfing