USD/JPY – 30M – BUYThe combination US Dollar/Japanese Yen (USD/JPY) breaks through the bearish trendline upwards
An ascent upwards to the next resistance level at 150.12800 is certain.
Caution: A possible reversal of the trend in the direction of the support line at 149.35800 is within the realm of possibility.
Consider stop-loss settings accordingly.
Moreover a ‘Three Outside Up’ chart pattern is found. The chart forms ‘Three Outside Up’. which is a bullish pattern signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Three Outside Up’ heading up is 75% (Bull Market) & 74% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 150.77000 |
| 2nd High | 150.69700 |
| Next High | 150.12800 |
| Current Price | 149.97600 |
| Next Low | 149.35800 |
| 2nd Low | 148.64200 |
| 3rd Low | 148.39700 |
Trading Signals: FOREX – USD – USD/JPY – JPY – Three Outside Up