EUR/JPY – 30M – SELLThe currency pair Euro/Japanese Yen (EUR/JPY) jumps from the descending trendline downwards
A continuation of the bearish trend down to the next support at 169.86900 will continue.
Caution: A possible reversal of the trend in the direction of resistance at 170.32900 is within the realm of possibility.
Consider stop-loss settings accordingly.
And also a ‘Tweezers Top’ candlestick chart pattern is detected. The chart shows ‘Tweezers Top’. which is a negative chart scenario. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Tweezers Top’ heading down is 56% (Bull Market) & 55% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 170.61000 |
| Next High | 170.32900 |
| Current Price | 170.15100 |
| Next Low | 169.86900 |
| 2nd Low | 169.84900 |
| 3rd Low | 169.51700 |
170.32900 – 170.61000 – 169.78600 – 169.86900 – 169.84900 – 169.51700
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Tweezers Top – Triple top chart pattern