EUR/JPY – 1H – SELLThe currency pair Euro/Japanese Yen (EUR/JPY) moves from the descending trendline downwards
A continuation of the downtrend down to the next support level at 163.20600 is likely expected.
Caution: A possible trend reversal in the direction of the resistance line at 164.54500 could be enabled.
In the case of a trade, always set appropriate stop-loss settings.
There is also a ‘Tweezers Top’ candlestick chart pattern is existing. The candles form ‘Tweezers Top’. which is a negative pattern signal. 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 | 165.02900 |
| 2nd High | 164.89900 |
| Next High | 164.54500 |
| Current Price | 163.57100 |
| Next Low | 163.20600 |
| 2nd Low | 161.38200 |
| 3rd Low | 160.89500 |
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Tweezers Top