EUR/JPY – 1H – BUYThe combination Euro/Japanese Yen (EUR/JPY) moves from the ascending trendline upwards
A continuation of the uptrend upwards to the next resistance at 169.39500 is considered certain.
Caution: A possible trend reversal in the direction of the support level at 168.55300 should be noted.
In the case of a trade, always set appropriate stop-loss settings.
Moreover a ‘Bullish Engulfing’ candlestick chart pattern is detected. The candles show ‘Bullish Engulfing’. which is a positive 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’ going up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 169.71100 |
| Next High | 169.39500 |
| Current Price | 169.02600 |
| Next Low | 168.55300 |
| 2nd Low | 167.90700 |
| 3rd Low | 166.02800 |
169.39500 – 169.71100 – 167.31300 – 168.55300 – 167.90700 – 166.02800
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Bullish Engulfing – Double bottom chart pattern