USD/JPY – 1H – BUYThe combination US Dollar/Japanese Yen (USD/JPY) breaks through the bearish trendline upwards
The bullish trend up to the next resistance line at 150.69700 will persist.
Caution: A possible trend reversal in the direction of the support line at 149.35800 is within the realm of possibility.
In the case of a trade, always set appropriate stop-loss settings.
There is also a ‘Bullish Engulfing’ candlestick chart pattern is discovered. The candles form ‘Bullish Engulfing’. this is a bullish pattern signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bullish Engulfing’ heading up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 151.94800 |
| 2nd High | 151.22600 |
| Next High | 150.69700 |
| Current Price | 149.90800 |
| Next Low | 149.35800 |
| 2nd Low | 148.64200 |
| 3rd Low | 148.39700 |
Trading Signals: FOREX – USD – USD/JPY – JPY – Bullish Engulfing