USD/JPY – 30M – BUYThe combination US Dollar/Japanese Yen (USD/JPY) breaks through the descending trendline up.
A bullish movement upwards to the next resistance line at 154.34100 is considered certain.
Caution: A possible trend reversal in the direction of the support level at 153.33100 could be enabled.
Please make appropriate stop-loss settings in the case of a trade.
Correction of the major bearish trend broke through the Fibonacci 0.5-Level.Continuation of the current ascending trend is considered certain. Current target is 154.19352 at the Fibonacci level 0.79-Level. Caution: A possible trend reversal in the direction of resistance at 154.34100 could be enabled.
Please make appropriate stop-loss settings in the case of a trade.
Besides a ‘Three Outside Up’ candle chart pattern is detected. The candles show ‘Three Outside Up’. which is a bullish pattern signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Three Outside Up’ heading up is 75% (Bull Market) & 74% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 154.48600 |
| 2nd High | 154.47600 |
| Next High | 154.34100 |
| Current Price | 153.90100 |
| Next Low | 153.33100 |
| 2nd Low | 153.15600 |
| 3rd Low | 151.79600 |
Trading Signals: FOREX – USD – USD/JPY – JPY – Three Outside Up