EUR/JPY – 30M – BUYThe currency pair Euro/Japanese Yen (EUR/JPY) breaks through the descending trendline up.
The bullish trend upwards to the next resistance at 181.515 will continue.
Caution: A possible counter-trend in the direction of the support level at 180.523 is within the realm of possibility.
In case of a trade, appropriate stop-loss settings should be considered.
Additionally a ‘Bullish Engulfing’ candle pattern is existing. The candles show ‘Bullish Engulfing’. which is a positive 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 ‘Bullish Engulfing’ heading up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 182.005 |
| 2nd High | 181.652 |
| Next High | 181.515 |
| Current Price | 181.14200 |
| Next Low | 180.523 |
| 2nd Low | 180.346 |
| 3rd Low | 180.093 |
181.515 – 181.306 – 181.266 – 180.523 – 180.832 – 180.751 —
181.03400 – 181.26800 —
55.08792553281 – 58.049751395623 —
– —
181.51500 – 1764297000
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Bullish Engulfing – Double bottom chart pattern – – – – – – – –