EUR/JPY – 30M – SELLThe combination Euro/Japanese Yen (EUR/JPY) moves from the bearish trendline down.
A continuation of the downward movement down to the next support line at 169.86900 is likely expected.
Caution: A possible reversal of the trend in the direction of the resistance level at 170.32900 is within the realm of possibility.
Please make appropriate stop-loss settings in the case of a trade.
In addition a ‘Tweezers Top’ candle chart pattern is existing. The chart shows ‘Tweezers Top’. this is a bearish chart scenario. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘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 — 60.904559882454 – 50.896714634381
Trading Signals: FOREX – EUR – EUR/JPY – JPY – Tweezers Top – –