USD/JPY – 1H – BUYThe combination US Dollar/Japanese Yen (USD/JPY) breaks through the ascending trendline upwards
A continuation of the uptrend up to the next resistance level at 151.94800 is considered certain.
Caution: A possible trend reversal in the direction of support at 149.35800 could happen.
In case of a trade, appropriate stop-loss settings should be considered.
Next a ‘Three Outside Up’ candlestick pattern is found. The candles form ‘Three Outside Up’. which is a positive signal. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Three Outside Up’ going up is 75% (Bull Market) & 74% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 155.02100 |
| 2nd High | 154.72000 |
| Next High | 151.94800 |
| Current Price | 151.78000 |
| Next Low | 149.35800 |
| 2nd Low | 148.64200 |
| 3rd Low | 148.39700 |
Trading Signals: FOREX – USD – USD/JPY – JPY – Three Outside Up