USD/JPY – 1H – BUYThe combination US Dollar/Japanese Yen (USD/JPY) breaks through the ascending trendline up.
A continuation of the upward movement up to the next resistance at 151.22600 is likely expected.
Caution: A possible change in the direction of the support line at 149.35800 could occur.
Please make appropriate stop-loss settings in the case of a trade.
Additionally a ‘Inverted Hammer’ candlestick chart pattern is discovered. The chart forms ‘Inverted Hammer’. this is a bullish chart scenario. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Inverted Hammer’ going up is 65% (Bull Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 154.72000 |
| 2nd High | 151.94800 |
| Next High | 151.22600 |
| Current Price | 151.02000 |
| Next Low | 149.35800 |
| 2nd Low | 148.64200 |
| 3rd Low | 148.39700 |
Trading Signals: FOREX – USD – USD/JPY – JPY – Inverted Hammer