EUR/JPY – 30M – BUYThe combination Euro/Japanese Yen (EUR/JPY) breaks through the ascending trendline up.
A continuation of the bullish trend upwards to the next resistance at 174.498 is considered certain.
Caution: A possible counter-trend in the direction of the support level at 173.978 could occur.
In case of a trade, appropriate stop-loss settings should be considered.
Furthermore a ‘Northern Doji’ chart pattern is detected. The candles form ‘Northern Doji’. which is a bullish pattern signal. 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 | 174.498 |
| Current Price | 174.33200 |
| Next Low | 173.978 |
| 2nd Low | 173.834 |
| 3rd Low | 173.477 |
174.272 – 174.076 – 174.498 – 173.978 – 173.834 – 173.477 — 61.456739945422 – 62.18616465906 — 46.721411519491 – 34.493598604135 – 55.813249072116 – 45.550628711727
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Northern Doji – – –