The pair Euro/Japanese Yen (EUR/JPY) goes from the ascending trendline downwards
The bearish trend downwards to the next support level at 160.89500 is expected.
Caution: A possible counter-trend in the direction of the resistance level at 164.89900 should always be considered.
Consider stop-loss settings accordingly.
Correction of the major bullish trend broke the Fibonacci 0.24-Level.Continuation of the current descending trend is expected. Current target is 161.3795 at the Fibonacci level 0.5-Level. Caution: A possible counter-trend in the direction of the support zone at 164.89900 should always be considered.
Consider stop-loss settings accordingly.
Besides a ‘Three Outside Down’ chart pattern is discovered. The chart shows ‘Three Outside Down’. which is a bearish signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Three Outside Down’ going down is 69% (Bull Market) & 70% (Bear Market).
Support & Resistance | Price Range* |
---|---|
3rd High | |
2nd High | 165.02900 |
Next High | 164.89900 |
Current Price | 162.98400 |
Next Low | 160.89500 |
2nd Low | 159.80200 |
3rd Low | 158.64400 |
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Three Outside Down