EUR/JPY – 30M – BUYThe pair Euro/Japanese Yen (EUR/JPY) moves from the bullish trendline down.
A descending movement downwards to the next support line at 162.37800 is likely expected.
Caution: A possible change in the direction of the resistance line at 163.93300 should be noted.
In the case of a trade, always set appropriate stop-loss settings.
Also there is a ‘Tweezers Top’ candle pattern is existing. The chart shows ‘Tweezers Top’. which is a bearish chart scenario. The currency pair is likely to go down. 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 | 164.51800 |
| 2nd High | 164.01600 |
| Next High | 163.93300 |
| Current Price | 163.37600 |
| Next Low | 162.37800 |
| 2nd Low | 161.59100 |
| 3rd Low | 161.15300 |
163.93300 – 163.01500 – 162.48500 – 162.37800 – 161.59100 – 162.37600
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Tweezers Top