The currency pair Euro/Japanese Yen (EUR/JPY) jumps from the ascending trendline downwards
A bearish trend downwards to the next support level at 156.17400 is certain.
Caution: A possible reversal of the trend in the direction of the resistance zone at 157.98100 is also possible.
In case of a trade, appropriate stop-loss settings should be considered.
In addition a ‘Bullish Engulfing’ candlestick chart pattern is discovered. The candles form ‘Bullish Engulfing’. which is a bullish pattern signal. The currency pair is likely to rise. 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 | 157.27800 |
Next Low | 156.17400 |
2nd Low | 156.04200 |
3rd Low | 155.14800 |
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Bullish Engulfing