EUR/JPY – 4H – BUYThe pair Euro/Japanese Yen (EUR/JPY) moves from the bullish trendline down.
A bearish descent down to the next support line at 158.64400 is likely expected.
Caution: A possible reversal of the trend in the direction of resistance at 164.75300 could occur.
Consider stop-loss settings accordingly.
There is also a ‘Bullish Engulfing’ candle chart pattern is discovered. The chart forms ‘Bullish Engulfing’. which is a positive chart scenario. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bullish Engulfing’ heading up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 166.09600 |
| 2nd High | 165.02900 |
| Next High | 164.75300 |
| Current Price | 161.52000 |
| Next Low | 158.64400 |
| 2nd Low | 157.86000 |
| 3rd Low | 156.17400 |
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Bullish Engulfing