USD/JPY – 30M – SELLThe combination US Dollar/Japanese Yen (USD/JPY) jumps from the descending trendline downwards
A continuation of the downtrend down to the next support at 153.54600 is likely expected.
Caution: A possible trend reversal in the direction of the resistance level at 155.02100 should always be considered.
In case of a trade, appropriate stop-loss settings should be considered.
Moreover a ‘Three Black Crows’ candlestick chart pattern is detected. The chart forms ‘Three Black Crows’. which is a bearish chart scenario. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Three Black Crows’ heading down is 82%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 155.88500 |
| 2nd High | 155.26200 |
| Next High | 155.02100 |
| Current Price | 154.37600 |
| Next Low | 153.54600 |
| 2nd Low | 153.27500 |
| 3rd Low | 152.13800 |
Trading Signals: FOREX – USD – USD/JPY – JPY – Three Black Crows