EUR/JPY – 1H – BUYThe currency pair Euro/Japanese Yen (EUR/JPY) jumps from the ascending trendline downwards
A bearish movement downwards to the next support at 162.36700 is certain.
Caution: A possible change in the direction of the resistance line at 163.50600 is within the realm of possibility.
Please make appropriate stop-loss settings in the case of a trade.
Besides a ‘Bullish Engulfing’ candlestick pattern is found. The chart forms ‘Bullish Engulfing’. which is a bullish pattern signal. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bullish Engulfing’ heading up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 164.54500 |
| 2nd High | 163.80500 |
| Next High | 163.50600 |
| Current Price | 162.81200 |
| Next Low | 162.36700 |
| 2nd Low | 161.38200 |
| 3rd Low | 160.89500 |
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Bullish Engulfing