The EUR/JPY currency pair is currently showing signs of a potential decline. This bearish outlook is supported by the fact that price has reached a recent high and entered overbought territory, often indicating an upcoming correction or reversal.
Additional confirmation comes from the presence of a swing low and a double top pattern, both of which are classic signals for potential downward movement.
As long as the price fails to break above the recent resistance, the bearish momentum is likely to continue.
Recommendation:
- Sell EUR/JPY
- Entry: 167.400
- Take Profit 1: 167.000
- Take Profit 2: 166.600
- Stop Loss: 167.800
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