EUR/JPY – 1H – BUY

The combination Euro/Japanese Yen (EUR/JPY) breaks through the ascending trendline up.

A continuation of the upward movement up to the next resistance level at 166.42200 will continue.

Caution: A possible counter-trend in the direction of the support zone at 165.37800 could occur.
Please make appropriate stop-loss settings in the case of a trade.

Correction of the major bullish trend halted around the Fibonacci 0.24-Level.Continuation of the current ascending trend will continue. Target of the current trend is 166.422 at the Fibonacci level 0-Level. Caution: A possible counter-trend in the direction of the resistance line at 166.42200 could occur.
Please make appropriate stop-loss settings in the case of a trade.

Also there is a ‘Bullish Engulfing’ chart pattern is discovered. The chart shows ‘Bullish Engulfing’. which is a positive pattern signal. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bullish Engulfing’ going up is 63%.

166.42200 – 165.45600 – 165.28300 – 165.37800 – 164.62100 – 164.54900

Trading Signals: FOREX – EUR – EUR/JPY – JPY – Bullish Engulfing