EUR/JPY – 4H – BUYCorrection of the major bullish trend halted around the Fibonacci 0.24-Level.Continuation of the current ascending trend will continue. Target of the current trend is 164.899 at the Fibonacci level 0-Level. Caution: A possible counter-trend in the direction of the resistance line at 164.89900 is within the realm of possibility.
In case of a trade, appropriate stop-loss settings should be considered.
Besides a ‘Bullish Engulfing’ candle chart pattern is detected. The chart forms ‘Bullish Engulfing’. 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 probability of ‘Bullish Engulfing’ going up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 165.02900 |
| Next High | 164.89900 |
| Current Price | 163.00600 |
| Next Low | 159.80200 |
| 2nd Low | 158.64400 |
| 3rd Low | 157.86000 |
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Bullish Engulfing