EUR/JPY – 30M – BUY

The pair Euro/Japanese Yen (EUR/JPY) goes from the ascending trendline down.

The bearish trend downwards to the next support at 161.54600 will continue.

Caution: A possible counter-trend in the direction of the resistance line at 162.63200 is within the realm of possibility.
Consider stop-loss settings accordingly.

Correction of the major bearish trend halted around the Fibonacci 1-Level.Continuation of the current descending trend will continue. Target of the current trend is 162.333898 at the Fibonacci level 0.79-Level. Caution: A possible counter-trend in the direction of the support level at 162.63200 is within the realm of possibility.
Consider stop-loss settings accordingly.

Next a ‘Northern Doji’ candlestick pattern is detected. The chart forms ‘Northern Doji’. which is a bullish signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Northern Doji’ heading up is 52% (Bull Market) & 51% (Bear Market).

Next a ‘Resistance Level’ indicator layout is found. The indicator is ‘Resistance Level’. this is usually a bearish signal. The currency pair is likely to fall.

162.15700 – 162.09700 – 162.01500 – 161.54600 – 161.68600 – 161.69400

Download EUR/JPY Signal Image

Trading Signals: FOREX – EUR – EUR/JPY – JPY – Northern Doji