MY 2 TOP BEARISH PAIRS: 1.) EURJPY

I always like looking at higher time frame charts because they let me see the whole forest, as only like this I can get a better understanding of where the price is likely to go. And most importantly I like(want) to take a big piece out of major moves as they happen - my overall strategy objective when trading the markets.

As we can see on Monthly Chart, the price broke above its long-term resistance line and formed a small double top pattern. This behaviour is very bearish and indicated the breakout is basically a bull trap (all the bulls who chased this breakout are likely to be severely punished when the price suddenly goes the other way).

We can see Double Top even better on the Weekly chart where the price has already broke the neckline. However the price has since moved back above the neckiline and it could stay above for a little longer.

Nevertheless, due to its Double Top Pattern the price will ultimately move (much) lower overtime.

I will be looking for Sell positions on lower time frame.