EUR/JPY – 30M – SELLThe combination Euro/Japanese Yen (EUR/JPY) jumps from the descending trendline down.
A continuation of the bearish trend down to the next support level at 162.61000 is likely expected.
Caution: A possible change in the direction of the resistance line at 163.11300 could happen.
Consider stop-loss settings accordingly.
Besides a ‘Tweezers Top’ candlestick chart pattern is existing. The candles show ‘Tweezers Top’. this is a bearish signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Tweezers Top’ going down is 56% (Bull Market) & 55% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 163.80500 |
| 2nd High | 163.50600 |
| Next High | 163.11300 |
| Current Price | 162.60400 |
| Next Low | 162.61000 |
| 2nd Low | 162.36700 |
| 3rd Low | 161.62200 |
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Tweezers Top