USD/JPY – 30M – SELLThe currency pair US Dollar/Japanese Yen (USD/JPY) jumps from the descending trendline downwards
A continuation of the downtrend down to the next support line at 147.244 is considered certain.
Caution: A possible reversal of the trend in the direction of resistance at 147.641 is within the realm of possibility.
In case of a trade, appropriate stop-loss settings should be considered.
And also a ‘Tweezers Top’ candlestick pattern is discovered. The chart forms ‘Tweezers Top’. which is a bearish signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Tweezers Top’ heading down is 56% (Bull Market) & 55% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 148.574 |
| 2nd High | 147.877 |
| Next High | 147.641 |
| Current Price | 147.36100 |
| Next Low | 147.244 |
| 2nd Low | 146.304 |
| 3rd Low | 146.211 |
147.641 – 147.583 – 147.57 – 147.244 – 146.304 – 148.078 — 56.234729843182 – 48.129475027523 — 74.031325410918 – 74.324351634643 – 47.962482356691 – 63.606000014443
Trading Signals: FOREX – USD – USD/JPY – JPY – Tweezers Top – Double bottom chart pattern – –