EUR/JPY – 30M – SELLCorrection of the major bullish trend broke the Fibonacci 0.24-Level.Continuation of the current descending trend will continue. Current target is 162.4525 at the Fibonacci level 0.5-Level. Caution: A possible reversal of the trend in the direction of the support zone at 163.75200 should be noted.
In case of a trade, appropriate stop-loss settings should be considered.
In addition a ‘Two Crows’ candle pattern is discovered. The chart forms ‘Two Crows’. this is a bearish signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Two Crows’ heading down is 54% (Bull Market) & 58% (Bear Market).
In addition a ‘Resistance Level’ indicator signal is discovered. The indicator is ‘Resistance Level’. this is usually a bearish chart signal. The currency pair could go down.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 164.18100 |
| 2nd High | 164.17500 |
| Next High | 163.75200 |
| Current Price | 163.06100 |
| Next Low | 162.12200 |
| 2nd Low | 161.85900 |
| 3rd Low | 161.83600 |
163.75200 – 163.14700 – 162.38300 – 162.12200 – 161.85900 – 161.83600