EUR/JPY – 30M – BUYThe currency pair Euro/Japanese Yen (EUR/JPY) jumps from the bullish trendline down.
A bearish trend downwards to the next support at 159.80200 is considered certain.
Caution: A possible counter-trend in the direction of the resistance line at 163.76900 is also possible.
Consider stop-loss settings accordingly.
Furthermore a ‘Bullish Engulfing’ candle chart pattern is discovered. The chart forms ‘Bullish Engulfing’. which is a positive signal. The pair is likely to go up. 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 | 164.75300 |
| 2nd High | 163.92700 |
| Next High | 163.76900 |
| Current Price | 163.70800 |
| Next Low | 159.80200 |
| 2nd Low | 159.63400 |
| 3rd Low | 159.10300 |
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Bullish Engulfing