EUR/JPY – 30M – BUYThe pair Euro/Japanese Yen (EUR/JPY) breaks through the bullish trendline upwards
A continuation of the uptrend upwards to the next resistance level at 162.19900 is certain.
Caution: A possible reversal of the trend in the direction of support at 160.94900 is also possible.
In case of a trade, appropriate stop-loss settings should be considered.
Besides a ‘Three Outside Up’ chart pattern is detected. The chart forms ‘Three Outside Up’. which is a positive pattern signal. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Three Outside Up’ heading up is 75% (Bull Market) & 74% (Bear Market).
Besides a ‘Resistance Level’ indicator layout is found. The indicator shows ‘Resistance Level’. which is often a bullish chart signal. The currency pair could go up.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 162.37900 |
| 2nd High | 162.20100 |
| Next High | 162.19900 |
| Current Price | 162.52300 |
| Next Low | 160.94900 |
| 2nd Low | 160.86400 |
| 3rd Low | 159.47200 |
161.73100 – 162.19900 – 160.89000 – 160.94900 – 160.86400 – 159.47200
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Three Outside Up