EUR/JPY – 1H – BUY

The pair Euro/Japanese Yen (EUR/JPY) moves from the descending trendline down.

A continuation of the downward movement down to the next support at 162.36700 is considered certain.

Caution: A possible change in the direction of the resistance level at 163.50600 could be enabled.
Please make appropriate stop-loss settings in the case of a trade.

Then a ‘Hammer’ candlestick chart pattern is detected. The candles show ‘Hammer’. 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 success rate of a ‘Hammer’ going up is 60% (Bull Market) & 59% (Bear Market).

Download EUR/JPY Signal Image

Trading Signals: FOREX – EUR – EUR/JPY – JPY – Hammer