EUR/JPY – 30M – BUYThe combination Euro/Japanese Yen (EUR/JPY) jumps from the descending trendline down.
A continuation of the bearish trend down to the next support line at 161.66400 is certain.
Caution: A possible change in the direction of the resistance zone at 162.92700 is within the realm of possibility.
In the case of a trade, always set appropriate stop-loss settings.
Correction of the major bullish trend broke the Fibonacci 0.79-Level.Continuation of the current descending trend is certain. Target of the current trend is 161.366 at the Fibonacci level 1-Level. Caution: A possible change in the direction of support at 162.92700 is within the realm of possibility.
In the case of a trade, always set appropriate stop-loss settings.
Besides a ‘Matching Low’ candle pattern is discovered. The chart shows ‘Matching Low’. which is a positive chart scenario. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Matching Low’ heading up is 61% (Bull & Bear Market).
Besides a ‘Double top chart pattern’ chart pattern is existing. The chart picture forms ‘Double top chart pattern’. which is a negative pattern signal. The currency pair is likely to go down.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 163.65400 |
| 2nd High | 163.36000 |
| Next High | 162.92700 |
| Current Price | 161.74500 |
| Next Low | 161.66400 |
| 2nd Low | 161.36600 |
| 3rd Low | 160.73500 |
162.92700 – 163.36000 – 162.60600 – 162.06200 – 161.66400 – 161.36600
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Matching Low