EUR/JPY – 1H – BUYThe pair Euro/Japanese Yen (EUR/JPY) moves from the bearish trendline downwards
A continuation of the bearish trend downwards to the next support line at 161.83600 will continue.
Caution: A possible trend reversal in the direction of resistance at 163.75200 could occur.
In case of a trade, appropriate stop-loss settings should be considered.
Moreover a ‘Exponential Moving Average 200 (EMA 200)’ indicator signal is existing. The indicator is ‘Exponential Moving Average 200 (EMA 200)’. which is often a bearish signal. The currency pair is likely to fall.
Moreover a ‘Northern Doji’ candle pattern is detected. The candles form ‘Northern Doji’. which is a bullish chart scenario. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Northern Doji’ going up is 52% (Bull Market) & 51% (Bear Market).
Moreover a ‘Resistance Level’ indicator signal is found. The indicator is ‘Resistance Level’. this is usually a bearish chart signal. The pair is likely to go down.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 164.18100 |
| 2nd High | 164.17500 |
| Next High | 163.75200 |
| Current Price | 162.21500 |
| Next Low | 161.83600 |
| 2nd Low | 161.15300 |
| 3rd Low | 160.97900 |
163.75200 – 162.45900 – 162.46200 – 161.83600 – 161.15300 – 160.97900
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Northern Doji