EUR/JPY – 30M – BUYThe pair Euro/Japanese Yen (EUR/JPY) goes from the descending trendline down.
A continuation of the bearish trend downwards to the next support at 162.62400 will persist.
Caution: A possible trend reversal in the direction of the resistance line at 163.11300 should be noted.
In case of a trade, appropriate stop-loss settings should be considered.
In addition a ‘Above the Stomach’ candlestick chart pattern is detected. The chart shows ‘Above the Stomach’. which is a positive chart scenario. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Above the Stomach’ heading up is 66% (Bull Market) & 67% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 163.80500 |
| 2nd High | 163.50600 |
| Next High | 163.11300 |
| Current Price | 162.71500 |
| Next Low | 162.62400 |
| 2nd Low | 162.60100 |
| 3rd Low | 162.48800 |
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Above the Stomach