Here I have EUR/JPY on the 4Hr Chart!
Ever Since the beginning of the sight of the Double Top Reversal Pattern on the Weekly Timeframe, Price for EJ has been slowly forming what looks to be a Bearish Channel!
Now over the weekend of Jan. 19th - 21st, Price crested inside the Channel and made a strong decline signaling the Buying Power has waned allowing Bearish pressure to come in and take over!!
Now if my Bearish Bias turns out correct, we will be looking at a potential Trend Continuation pattern called a Bear Flag!!
The caution area price must battle with will be the price range 158.580 - 157.950 acting as support currently but could potentially become RESISTANCE IF BROKEN!
*For Prediction to be correct we must first see a VALID BEARISH BREAK of this pattern with a VALID RETEST!
Fundamentally this week:
EUR - Clear
JPY - Clear
Ever Since the beginning of the sight of the Double Top Reversal Pattern on the Weekly Timeframe, Price for EJ has been slowly forming what looks to be a Bearish Channel!
Now over the weekend of Jan. 19th - 21st, Price crested inside the Channel and made a strong decline signaling the Buying Power has waned allowing Bearish pressure to come in and take over!!
Now if my Bearish Bias turns out correct, we will be looking at a potential Trend Continuation pattern called a Bear Flag!!
The caution area price must battle with will be the price range 158.580 - 157.950 acting as support currently but could potentially become RESISTANCE IF BROKEN!
*For Prediction to be correct we must first see a VALID BEARISH BREAK of this pattern with a VALID RETEST!
Fundamentally this week:
EUR - Clear
JPY - Clear
