USD/JPY – 1H – BUYThe combination US Dollar/Japanese Yen (USD/JPY) moves from the ascending trendline downwards
A descending movement down to the next support line at 157.37200 is expected.
Caution: A possible counter-trend in the direction of the resistance zone at 158.54900 could happen.
Consider stop-loss settings accordingly.
There is also a ‘Shooting Star’ candle chart pattern is detected. The chart shows ‘Shooting Star’. which is a negative pattern signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Shooting Star’ going down is 59% (Bull Market) & 60% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | 158.54900 |
| Current Price | 158.36300 |
| Next Low | 157.37200 |
| 2nd Low | 156.23700 |
| 3rd Low | 156.01700 |
Trading Signals: FOREX – USD – USD/JPY – JPY – Shooting Star