Above is the hourly chart for EUR/JPY. Technically speaking, it is currently testing its uptrend line support. But several signs show it would be going to breakout and plunge.
Firstly, there was a big bearish rejection in the 3rd previous candlestick. It was even a doji. This showed a mass sell/short at this point.
Secondly, stochastic slow is heading downwards. Showing that the momentum to upside is reversed.
Thirdly, but not too signicant, is the price drops through the violet pitchfork.
Today Japan would announce its interest rate. This would create a big fluctuation and would possibly lead to the breakout I expected.
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