EUR/JPY – 1H – SELLThe combination Euro/Japanese Yen (EUR/JPY) moves from the descending trendline downwards
A continuation of the bearish trend down to the next support at 161.38200 is certain.
Caution: A possible trend reversal in the direction of resistance at 163.50600 should be noted.
Please make appropriate stop-loss settings in the case of a trade.
Furthermore a ‘Tweezers Top’ candlestick chart pattern is detected. The chart forms ‘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 probability of ‘Tweezers Top’ going down is 56% (Bull Market) & 55% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 164.54500 |
| 2nd High | 163.80500 |
| Next High | 163.50600 |
| Current Price | 162.79500 |
| Next Low | 161.38200 |
| 2nd Low | 160.89500 |
| 3rd Low | 159.80200 |
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Tweezers Top