USD/JPY – 4H – BUYThe combination US Dollar/Japanese Yen (USD/JPY) breaks through the bullish trendline upwards
A continuation of the uptrend upwards to the next resistance at is expected.
Caution: A possible counter-trend in the direction of the support level at 156.23700 should always be considered.
In the case of a trade, always set appropriate stop-loss settings.
And also a ‘Three Outside Up’ candlestick chart pattern is detected. The chart forms ‘Three Outside Up’. which is a positive signal. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Three Outside Up’ heading up is 75% (Bull Market) & 74% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | |
| Current Price | 158.12000 |
| Next Low | 156.23700 |
| 2nd Low | 156.01700 |
| 3rd Low | 153.15600 |
Trading Signals: FOREX – USD – USD/JPY – JPY – Three Outside Up