Double Top w/ Caution!! - EJ
Updated
Here I have EUR/JPY on the 1 Hr Chart!
The HOT news on French PMI Thursday Morning followed by the Not-So Hot German and Manufacturing/Services PMI readings began the formations of a strong reversal pattern called a Double Top!
The mixed PMI results for USD seemed to ease Euros' decent
BUT
With 2.8% CPI and talks from the ECB of "possible Rate Cuts in March", this could make Euro start to look less favorable in the bucket of currencies!
Given that CONFIRMATION of Pattern is @ 162.649, I like to keep in mind the flipside of the coin and there are decent levels of Support in the ( 162.45 - 162.33 ) and ( 162.03 - 161.9 ) ranges!
*These could serve as opportune Fake-Out areas to turn this pattern into a Ranged pattern called a BULL FLAG!
-CONFIRMATION of PATTERN @ 162.649
-INVALIDATION of PATTERN @ 163.208
The HOT news on French PMI Thursday Morning followed by the Not-So Hot German and Manufacturing/Services PMI readings began the formations of a strong reversal pattern called a Double Top!
The mixed PMI results for USD seemed to ease Euros' decent
BUT
With 2.8% CPI and talks from the ECB of "possible Rate Cuts in March", this could make Euro start to look less favorable in the bucket of currencies!
Given that CONFIRMATION of Pattern is @ 162.649, I like to keep in mind the flipside of the coin and there are decent levels of Support in the ( 162.45 - 162.33 ) and ( 162.03 - 161.9 ) ranges!
*These could serve as opportune Fake-Out areas to turn this pattern into a Ranged pattern called a BULL FLAG!
-CONFIRMATION of PATTERN @ 162.649
-INVALIDATION of PATTERN @ 163.208
Trade active
Sell Entry @ 162.83SL @ 162.96
Note
Price has broke our CONFIRMATION of Pattern!! -Double Top is VALID!
Trade closed manually
Closed the Sell Trade and took the small profit before price could come back to entry!-After further fundamentally analysis, it sounds the tide is turning on the Yen! Tons of Short positions put on the Yen over the past week
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Novi_FIbonacci
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