EUR/JPY – 4H – BUYThe pair Euro/Japanese Yen (EUR/JPY) moves from the ascending trendline down.
A descent down to the next support at 160.97900 is expected.
Caution: A possible change in the direction of the resistance level at 162.66700 could occur.
In case of a trade, appropriate stop-loss settings should be considered.
Next a ‘Matching Low’ candle pattern is discovered. The chart forms ‘Matching Low’. which is a positive signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Matching Low’ heading up is 61% (Bull & Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 164.17500 |
| 2nd High | 163.27800 |
| Next High | 162.66700 |
| Current Price | 162.78000 |
| Next Low | 160.97900 |
| 2nd Low | 159.47200 |
| 3rd Low | 158.21800 |
162.66700 – 162.63200 – 163.27800 – 160.97900 – 161.23900 – 161.28900
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Matching Low