EUR/JPY – 30M – BUYThe combination Euro/Japanese Yen (EUR/JPY) goes from the ascending trendline downwards
A bearish trend down to the next support at 162.36700 will continue.
Caution: A possible trend reversal in the direction of the resistance level at 163.11300 should be noted.
In case of a trade, appropriate stop-loss settings should be considered.
Besides a ‘Three Outside Up’ candlestick pattern is existing. The candles form ‘Three Outside Up’. this is a bullish pattern signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Three Outside Up’ going up is 75% (Bull Market) & 74% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 163.80500 |
| 2nd High | 163.50600 |
| Next High | 163.11300 |
| Current Price | 163.06200 |
| Next Low | 162.36700 |
| 2nd Low | 161.62200 |
| 3rd Low | 161.38200 |
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Three Outside Up