EUR/JPY – 1H – SELLThe currency pair Euro/Japanese Yen (EUR/JPY) jumps from the bearish trendline down.
A continuation of the bearish trend downwards to the next support level at 161.70300 is considered certain.
Caution: A possible change in the direction of the resistance level at 162.64800 is also possible.
Consider stop-loss settings accordingly.
And also a ‘Two Crows’ chart pattern is detected. The chart forms ‘Two Crows’. which is a negative pattern signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Two Crows’ heading down is 54% (Bull Market) & 58% (Bear Market).
And also a ‘Double top chart pattern’ chart formation is discovered. The chart shows ‘Double top chart pattern’. which is a negative signal. The currency pair is likely to go down.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 164.17500 |
| 2nd High | 163.75200 |
| Next High | 162.64800 |
| Current Price | 161.92200 |
| Next Low | 161.70300 |
| 2nd Low | 161.15300 |
| 3rd Low | 160.97900 |
162.64800 – 162.54000 – 163.75200 – 161.70300 – 161.71200 – 162.01900