EUR/JPY – 30M – BUYThe pair Euro/Japanese Yen (EUR/JPY) jumps from the ascending trendline down.
A descent down to the next support level at 162.44600 will persist.
Caution: A possible trend reversal in the direction of the resistance level at 163.31300 is also possible.
Consider stop-loss settings accordingly.
Then a ‘Bullish Belt Hold’ chart pattern is discovered. The chart shows ‘Bullish Belt Hold’. which is a bullish chart scenario. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bullish Belt Hold’ going up is 71% (Bull Market) & 71% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 163.42900 |
| 2nd High | 163.40100 |
| Next High | 163.31300 |
| Current Price | 162.46500 |
| Next Low | 162.44600 |
| 2nd Low | 162.33800 |
| 3rd Low | 159.80200 |
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Bullish Belt Hold