EUR/JPY – 30M – SELLThe combination Euro/Japanese Yen (EUR/JPY) jumps from the bearish trendline downwards
A continuation of the downtrend downwards to the next support at 169.86900 is expected.
Caution: A possible trend reversal in the direction of the resistance line at 170.32900 should always be considered.
Consider stop-loss settings accordingly.
Moreover a ‘Tweezers Top’ chart pattern is discovered. The candles form ‘Tweezers Top’. which is a negative chart scenario. 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 | |
| 2nd High | 170.61000 |
| Next High | 170.32900 |
| Current Price | 170.15100 |
| Next Low | 169.86900 |
| 2nd Low | 169.84900 |
| 3rd Low | 169.51700 |
170.32900 – 170.61000 – 169.78600 – 169.86900 – 169.84900 – 169.51700
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Tweezers Top –