EUR/JPY – 4H – BUYThe currency pair Euro/Japanese Yen (EUR/JPY) breaks through the ascending trendline up.
A continuation of the uptrend up to the next resistance at 169.71100 is expected.
Caution: A possible change in the direction of the support line at 167.90700 could occur.
In case of a trade, appropriate stop-loss settings should be considered.
Furthermore a ‘Northern Doji’ chart pattern is discovered. The chart shows ‘Northern Doji’. 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 success rate of a ‘Northern Doji’ going up is 52% (Bull Market) & 51% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | 169.71100 |
| Current Price | 168.96100 |
| Next Low | 167.90700 |
| 2nd Low | 166.02800 |
| 3rd Low | 164.93400 |
169.71100 – 167.61300 – 164.25800 – 167.90700 – 166.02800 – 164.93400
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Northern Doji – Inverse Head and Shoulder chart pattern