EUR/JPY – 4H – SELLThe currency pair Euro/Japanese Yen (EUR/JPY) jumps from the ascending trendline down.
The bearish trend down to the next support at 162.79300 is expected.
Caution: A possible trend reversal in the direction of the resistance zone at 165.21100 could be enabled.
Consider stop-loss settings accordingly.
Additionally a ‘Matching Low’ chart pattern is discovered. The candles form ‘Matching Low’. this 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 chance of ‘Matching Low’ going up is 61% (Bull & Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | 165.21100 |
| Current Price | 165.18700 |
| Next Low | 162.79300 |
| 2nd Low | 161.08200 |
| 3rd Low | 160.97900 |
164.25800 – 163.41100 – 163.38300 – 162.79300 – 162.80300 – 161.08200
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Matching Low