EUR/JPY – 1H – BUYThe combination Euro/Japanese Yen (EUR/JPY) moves from the bearish trendline down.
A continuation of the downward movement downwards to the next support at 162.83600 is certain.
Caution: A possible trend reversal in the direction of the resistance level at 163.50600 is within the realm of possibility.
In case of a trade, appropriate stop-loss settings should be considered.
Additionally a ‘Matching Low’ chart pattern is existing. The chart shows ‘Matching Low’. which is a bullish chart scenario. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Matching Low’ heading up is 61% (Bull & Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 164.54500 |
| 2nd High | 163.80500 |
| Next High | 163.50600 |
| Current Price | 162.51600 |
| Next Low | 162.83600 |
| 2nd Low | 161.38200 |
| 3rd Low | 160.89500 |
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Matching Low