EUR/JPY – 1H – BUYThe combination Euro/Japanese Yen (EUR/JPY) breaks through the ascending trendline up.
A continuation of the bullish trend up to the next resistance at 164.63200 is certain.
Caution: A possible trend reversal in the direction of the support level at 163.15600 is also possible.
Please make appropriate stop-loss settings in the case of a trade.
Correction of the major bearish trend broke the Fibonacci 0.79-Level.Continuation of the current ascending trend is certain. Target of the current trend is 164.632 at the Fibonacci level 1-Level. Caution: A possible trend reversal in the direction of the resistance zone at 164.63200 is also possible.
Please make appropriate stop-loss settings in the case of a trade.
Besides a ‘Three White Soldiers’ candle chart pattern is detected. The chart forms ‘Three White Soldiers’. which is a bullish chart scenario. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Three White Soldiers’ going up is 82%.
Besides a ‘Resistance Level’ indicator layout is discovered. The indicator is ‘Resistance Level’. this is usually a bullish chart signal. The currency pair is likely to rise.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | 164.63200 |
| Current Price | 164.56700 |
| Next Low | 163.15600 |
| 2nd Low | 162.37800 |
| 3rd Low | 161.59100 |
163.93300 – 163.01500 – 162.94800 – 163.15600 – 162.37800 – 161.59100
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Three White Soldiers