EUR/JPY – 1H – BUYThe combination Euro/Japanese Yen (EUR/JPY) moves from the descending trendline down.
A continuation of the downtrend down to the next support line at 162.01900 is expected.
Caution: A possible counter-trend in the direction of the resistance line at 163.75200 should always be considered.
Please make appropriate stop-loss settings in the case of a trade.
Next a ‘Exponential Moving Average 100 (EMA 100)’ indicator signal is detected. The indicator is ‘Exponential Moving Average 100 (EMA 100)’. which is often a bearish chart signal. The currency pair could go down.
Next a ‘Northern Doji’ candlestick chart pattern is found. The candles form ‘Northern Doji’. which is a bullish signal. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Northern Doji’ heading up is 52% (Bull Market) & 51% (Bear Market).
Next a ‘Resistance Level’ indicator layout is existing. The indicator is ‘Resistance Level’. which could be a negative signal. The currency pair is likely to fall.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 164.18100 |
| 2nd High | 164.17500 |
| Next High | 163.75200 |
| Current Price | 162.17500 |
| Next Low | 162.01900 |
| 2nd Low | 161.83600 |
| 3rd Low | 161.15300 |
163.75200 – 162.45900 – 162.46200 – 162.01900 – 161.83600 – 161.15300
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Northern Doji