USD/JPY – 1H – BUYThe currency pair US Dollar/Japanese Yen (USD/JPY) jumps from the ascending trendline down.
A bearish trend down to the next support line at 156.88600 is expected.
Caution: A possible trend reversal in the direction of the resistance line at 157.39000 is also possible.
Consider stop-loss settings accordingly.
Then a ‘Bullish Harami’ chart pattern is found. The chart forms ‘Bullish Harami’. which is a positive chart scenario. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bullish Harami’ heading up is 53% (Bull Market) & 51% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 157.92300 |
| Next High | 157.39000 |
| Current Price | 157.14700 |
| Next Low | 156.88600 |
| 2nd Low | 155.94900 |
| 3rd Low | 153.15600 |
Trading Signals: FOREX – USD – USD/JPY – JPY – Bullish Harami