USD/JPY – 1H – BUYThe combination US Dollar/Japanese Yen (USD/JPY) breaks through the ascending trendline upwards
A continuation of the bullish trend upwards to the next resistance at 144.77000 will persist.
Caution: A possible reversal of the trend in the direction of the support zone at 143.97200 should be noted.
Consider stop-loss settings accordingly.
Also there is a ‘Bullish Belt Hold’ candle chart pattern is detected. The candles form ‘Bullish Belt Hold’. which is a positive chart scenario. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bullish Belt Hold’ heading up is 71% (Bull Market) & 71% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 146.28400 |
| 2nd High | 145.08600 |
| Next High | 144.77000 |
| Current Price | 144.93500 |
| Next Low | 143.97200 |
| 2nd Low | 142.52800 |
| 3rd Low | 142.37500 |
144.77000 – 145.08600 – 143.97200 – 143.97200 – 142.52800 – 143.67200
Trading Signals: FOREX – USD – USD/JPY – JPY – Bullish Belt Hold