EUR/JPY – 1H – BUYCorrection of the major bullish trend broke the Fibonacci 0.5-Level.Continuation of the current descending trend will continue. Target of the current trend is 161.709186 at the Fibonacci level 0.79-Level. Caution: A possible change in the direction of the support level at 162.54000 could happen.
Please make appropriate stop-loss settings in the case of a trade.
Also there is a ‘Two Crows’ chart pattern is existing. The candles show ‘Two Crows’. which is a negative chart scenario. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Two Crows’ heading down is 54% (Bull Market) & 58% (Bear Market).
Also there is a ‘Resistance Level’ indicator layout is found. The indicator is ‘Resistance Level’. which could be a negative chart signal. The currency pair is likely to fall.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 164.17500 |
| 2nd High | 163.75200 |
| Next High | 162.54000 |
| Current Price | 162.33300 |
| Next Low | 161.71200 |
| 2nd Low | 161.15300 |
| 3rd Low | 160.97900 |
162.54000 – 163.75200 – 162.45900 – 161.71200 – 162.01900 – 161.83600