USD/JPY – 1H – BUYThe pair US Dollar/Japanese Yen (USD/JPY) jumps from the ascending trendline upwards
A continuation of the bullish trend upwards to the next resistance level at 158.08100 is expected.
Caution: A possible reversal of the trend in the direction of the support line at 157.50300 should be noted.
In the case of a trade, always set appropriate stop-loss settings.
And also a ‘Three Outside Up’ chart pattern is found. The candles form ‘Three Outside Up’. this is a bullish 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’ going up is 75% (Bull Market) & 74% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | 158.08100 |
| Current Price | 157.79200 |
| Next Low | 157.50300 |
| 2nd Low | 157.05500 |
| 3rd Low | 156.88600 |
Trading Signals: FOREX – USD – USD/JPY – JPY – Three Outside Up