The currency pair US Dollar/Japanese Yen (USD/JPY) breaks through the descending trendline up.
An ascent upwards to the next resistance line at 158.28200 is expected.
Caution: A possible reversal of the trend in the direction of the support zone at 157.57400 is also possible.
In case of a trade, appropriate stop-loss settings should be considered.
Besides a ‘Three White Soldiers’ candle chart pattern is detected. The candles form ‘Three White Soldiers’. this is a bullish chart scenario. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Three White Soldiers’ going up is 82%.
Support & Resistance | Price Range* |
---|---|
3rd High | 158.54900 |
2nd High | 158.51800 |
Next High | 158.28200 |
Current Price | 158.22100 |
Next Low | 157.57400 |
2nd Low | 157.37200 |
3rd Low | 156.23700 |
Trading Signals: FOREX – USD – USD/JPY – JPY – Three White Soldiers