EUR/JPY – 30M – BUYThe combination Euro/Japanese Yen (EUR/JPY) goes from the ascending trendline down.
A descending movement down to the next support level at 163.20600 is considered certain.
Caution: A possible reversal of the trend in the direction of the resistance zone at 164.54500 should be noted.
Please make appropriate stop-loss settings in the case of a trade.
Correction of the major bullish trend broke the Fibonacci 0.5-Level.Continuation of the current descending trend is considered certain. Current target is 162.928198 at the Fibonacci level 0.79-Level. Caution: A possible reversal of the trend in the direction of the support zone at 164.54500 should be noted.
Please make appropriate stop-loss settings in the case of a trade.
Moreover a ‘Southern Doji’ chart pattern is found. The chart shows ‘Southern Doji’. which is a bullish chart scenario. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Southern Doji’ heading up is 51% (Bull Market) & 52% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 164.89900 |
| 2nd High | 164.86400 |
| Next High | 164.54500 |
| Current Price | 163.35900 |
| Next Low | 163.20600 |
| 2nd Low | 162.60100 |
| 3rd Low | 162.48800 |
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Southern Doji