USD/JPY – 1H – SELLThe currency pair US Dollar/Japanese Yen (USD/JPY) jumps from the ascending trendline downwards
A descent down to the next support line at 149.65000 is expected.
Caution: A possible reversal of the trend in the direction of the resistance line at 150.69400 is within the realm of possibility.
Consider stop-loss settings accordingly.
Next a ‘Three Black Crows’ candlestick chart pattern is found. The chart forms ‘Three Black Crows’. which is a bearish pattern signal. 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 | 151.94800 |
| 2nd High | 151.22600 |
| Next High | 150.69400 |
| Current Price | 149.81400 |
| Next Low | 149.65000 |
| 2nd Low | 148.64200 |
| 3rd Low | 148.39700 |
Trading Signals: FOREX – USD – USD/JPY – JPY – Three Black Crows