EUR/JPY – 30M – BUYThe combination Euro/Japanese Yen (EUR/JPY) goes from the descending trendline down.
A continuation of the downtrend down to the next support at 162.37800 is expected.
Caution: A possible reversal of the trend in the direction of resistance at 163.01500 is also possible.
Consider stop-loss settings accordingly.
Correction of the major bearish trend halted around the Fibonacci 0.5-Level.Continuation of the current descending trend is expected. Target of the current trend is 162.1633 at the Fibonacci level 0.24-Level. Caution: A possible reversal of the trend in the direction of the support zone at 163.01500 is also possible.
Consider stop-loss settings accordingly.
Additionally a ‘Northern Doji’ chart pattern is detected. The chart shows ‘Northern Doji’. this is a bullish signal. The pair is likely to go up. 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).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 164.51800 |
| 2nd High | 164.01600 |
| Next High | 163.01500 |
| Current Price | 162.68300 |
| Next Low | 162.37800 |
| 2nd Low | 161.59100 |
| 3rd Low | 161.15300 |
163.01500 – 162.48500 – 162.94800 – 162.37800 – 161.59100 – 162.37600
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Northern Doji