EUR/JPY – 1H – SELLMoreover a ‘Double top retreat up’ chart formation is found. The formation shows ‘Double top retreat up’. this is a bullish chart scenario. The pair is likely to go up.
The currency pair Euro/Japanese Yen (EUR/JPY) goes from the descending trendline downwards
A continuation of the downward movement downwards to the next support at 168.70300 is considered certain.
Caution: A possible counter-trend in the direction of the resistance level at 169.85900 is also possible.
In case of a trade, appropriate stop-loss settings should be considered.
Moreover a ‘Below The Stomach’ candle pattern is existing. The candles form ‘Below The Stomach’. which is a bearish chart scenario. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Below The Stomach’ going down is 60% (Bull Market) & 65% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | 169.85900 |
| Current Price | 168.84100 |
| Next Low | 168.70300 |
| 2nd Low | 168.62400 |
| 3rd Low | 168.55300 |
169.85900 – 169.80500 – 169.39500 – 168.70300 – 168.62400 – 168.55300
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Below The Stomach – Double top retreat up