EUR/JPY – 4H – BUYThe combination Euro/Japanese Yen (EUR/JPY) jumps from the descending trendline downwards
A continuation of the downtrend downwards to the next support at 159.80200 will persist.
Caution: A possible reversal of the trend in the direction of the resistance line at 163.79700 could happen.
Consider stop-loss settings accordingly.
There is also a ‘Bullish Engulfing’ candle chart pattern is discovered. The candles form ‘Bullish Engulfing’. which is a positive signal. 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’ going up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 165.02900 |
| 2nd High | 164.75300 |
| Next High | 163.79700 |
| Current Price | 163.33600 |
| Next Low | 159.80200 |
| 2nd Low | 158.64400 |
| 3rd Low | 157.86000 |
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Bullish Engulfing