EUR/JPY – 30M – BUYThe pair Euro/Japanese Yen (EUR/JPY) goes from the ascending trendline down.
The bearish trend downwards to the next support line at 157.86000 is expected.
Caution: A possible change in the direction of resistance at 159.98800 could occur.
Consider stop-loss settings accordingly.
Correction of the major bullish trend broke the Fibonacci 0.24-Level.Continuation of the current descending trend is expected. Current target is 158.962 at the Fibonacci level 0.5-Level. Caution: A possible change in the direction of the support level at 159.98800 could occur.
Consider stop-loss settings accordingly.
Also there is a ‘Three Outside Down’ chart pattern is discovered. The chart shows ‘Three Outside Down’. 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 chance of ‘Three Outside Down’ going down is 69% (Bull Market) & 70% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 160.33800 |
| 2nd High | 160.06400 |
| Next High | 159.98800 |
| Current Price | 159.11200 |
| Next Low | 157.86000 |
| 2nd Low | 157.55500 |
| 3rd Low | 156.97900 |
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Three Outside Down