EUR/JPY – 30M – BUYThe pair Euro/Japanese Yen (EUR/JPY) moves from the bullish trendline down.
The bearish trend downwards to the next support line at 163.01700 is certain.
Caution: A possible trend reversal in the direction of resistance at 163.62600 is also possible.
Consider stop-loss settings accordingly.
In addition a ‘Bullish Meeting Lines’ candlestick pattern is found. The chart shows ‘Bullish Meeting Lines’. 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 chance of ‘Bullish Meeting Lines’ heading up is 56% (Bull Market) & 52% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 163.79700 |
| 2nd High | 163.65900 |
| Next High | 163.62600 |
| Current Price | 163.29300 |
| Next Low | 163.01700 |
| 2nd Low | 162.84100 |
| 3rd Low | 162.50700 |
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Bullish Meeting Lines