USD/JPY – 1H – SELLThe combination US Dollar/Japanese Yen (USD/JPY) moves from the ascending trendline down.
A bearish descent downwards to the next support at 157.35000 is expected.
Caution: A possible reversal of the trend in the direction of the resistance zone at 158.08100 could happen.
Consider stop-loss settings accordingly.
Correction of the major bullish trend broke the Fibonacci 0.24-Level.Continuation of the current descending trend is expected. Target of the current trend is 157.4835 at the Fibonacci level 0.5-Level. Caution: A possible reversal of the trend in the direction of the support line at 158.08100 could happen.
Consider stop-loss settings accordingly.
Additionally a ‘Three Black Crows’ candle chart pattern is existing. The candles form ‘Three Black Crows’. which is a negative signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Three Black Crows’ heading down is 82%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | 158.08100 |
| Current Price | 157.63400 |
| Next Low | 157.35000 |
| 2nd Low | 157.05500 |
| 3rd Low | 156.88600 |
Trading Signals: FOREX – USD – USD/JPY – JPY – Three Black Crows