For all you nighttime sky gazers out there, it looks like we’ve got a special candlestick constellation that is forming on EUR/CHF! It seems that over the past few days, an evening star formation has formed, right smack on the 50.0% Fib level! With Stochastic also showing overbought conditions, is it time for a reversal? Watch out for more bearish candlestick patterns as signs that the selling pressure is on!
After breaking its rising trendline on the 4-hour chart, GBP/JPY bottomed out at the 129.50 handle before retracing back up a bit. It looks like it’s struggling to break past 50% Fib though, so a short at the 131.00 level could be sweet. But don’t let the bulls surprise you! Stochastic is still in the middle ground, so it’s possible that the currency bulls are just having their siesta.
Have you ever seen a sweeter descending triangle than the one I have on AUD/JPY? The pair has been making lower lows in the 4-hour chart, but the 81.55 handle is acting as a strong support. According to the School of Pipsology, with price testing the support several times already, we could see a break soon. Watch this one closely, will ya?