USD/JPY – 4H – BUYThe combination US Dollar/Japanese Yen (USD/JPY) breaks through the ascending trendline up.
A continuation of the upward movement upwards to the next resistance level at 155.88500 is certain.
Caution: A possible reversal of the trend in the direction of support at 153.15600 is also possible.
Please make appropriate stop-loss settings in the case of a trade.
Additionally a ‘Three Outside Up’ candlestick chart pattern is existing. The chart forms ‘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 success rate of a ‘Three Outside Up’ going up is 75% (Bull Market) & 74% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 156.74500 |
| Next High | 155.88500 |
| Current Price | 156.89400 |
| Next Low | 153.15600 |
| 2nd Low | 149.35800 |
| 3rd Low | 148.64200 |
Trading Signals: FOREX – USD – USD/JPY – JPY – Three Outside Up