EUR/JPY – 1H – BUYThe pair Euro/Japanese Yen (EUR/JPY) jumps from the descending trendline downwards
A continuation of the downtrend down to the next support line at 156.17400 will continue.
Caution: A possible change in the direction of resistance at 157.98100 could happen.
Please make appropriate stop-loss settings in the case of a trade.
In addition a ‘Bullish Engulfing’ candlestick chart pattern is discovered. The chart shows ‘Bullish Engulfing’. this is a bullish pattern signal. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bullish Engulfing’ heading up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 158.89000 |
| 2nd High | 158.63300 |
| Next High | 157.98100 |
| Current Price | 157.34900 |
| Next Low | 156.17400 |
| 2nd Low | 156.04200 |
| 3rd Low | 155.14800 |
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Bullish Engulfing