EUR/JPY – 30M – BUYThe pair Euro/Japanese Yen (EUR/JPY) jumps from the ascending trendline down.
A descent downwards to the next support line at 164.17500 is considered certain.
Caution: A possible trend reversal in the direction of resistance at 164.89900 is also possible.
Consider stop-loss settings accordingly.
Furthermore a ‘Shooting Star’ candle pattern is discovered. The candles form ‘Shooting Star’. which is a bearish pattern signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Shooting Star’ heading down is 59% (Bull Market) & 60% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 165.41800 |
| 2nd High | 165.02900 |
| Next High | 164.89900 |
| Current Price | 164.72400 |
| Next Low | 164.17500 |
| 2nd Low | 164.02100 |
| 3rd Low | 163.47900 |
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Shooting Star