EUR/JPY – 4H – BUYThe combination Euro/Japanese Yen (EUR/JPY) jumps from the ascending trendline down.
A descent downwards to the next support level at 156.17400 is likely expected.
Caution: A possible trend reversal in the direction of resistance at 164.75300 could occur.
Consider stop-loss settings accordingly.
There is also a ‘Bullish Engulfing’ candlestick chart pattern is found. The chart forms ‘Bullish Engulfing’. this is a bullish chart scenario. The currency pair is likely to rise. 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 | 166.09600 |
| 2nd High | 165.02900 |
| Next High | 164.75300 |
| Current Price | 159.79000 |
| Next Low | 156.17400 |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Bullish Engulfing