EUR/JPY – 1H – BUYThe combination Euro/Japanese Yen (EUR/JPY) moves from the bullish trendline downwards
A descent downwards to the next support level at 162.36700 is expected.
Caution: A possible counter-trend in the direction of the resistance line at 163.50600 could be enabled.
In case of a trade, appropriate stop-loss settings should be considered.
Correction of the major bullish trend halted around the Fibonacci 0.5-Level.Continuation of the current ascending trend is expected. Target of the current trend is 163.798532 at the Fibonacci level 0.24-Level. Caution: A possible counter-trend in the direction of the resistance line at 163.50600 could be enabled.
In case of a trade, appropriate stop-loss settings should be considered.
Furthermore a ‘Bullish Belt Hold’ candlestick pattern is found. The chart forms ‘Bullish Belt Hold’. this is a bullish signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Bullish Belt Hold’ heading up is 71% (Bull Market) & 71% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 164.54500 |
| 2nd High | 163.80500 |
| Next High | 163.50600 |
| Current Price | 163.06200 |
| Next Low | 162.36700 |
| 2nd Low | 161.38200 |
| 3rd Low | 160.89500 |
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Bullish Belt Hold