USD/JPY – 4H – BUYThe pair US Dollar/Japanese Yen (USD/JPY) moves from the ascending trendline down.
A bearish trend downwards to the next support level at 149.35800 is expected.
Caution: A possible counter-trend in the direction of the resistance zone at 155.88500 is also possible.
In case of a trade, appropriate stop-loss settings should be considered.
Also there is a ‘Bullish Engulfing’ chart pattern is discovered. The candles show ‘Bullish Engulfing’. which is a bullish chart scenario. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bullish Engulfing’ going up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 156.74500 |
| Next High | 155.88500 |
| Current Price | 154.67900 |
| Next Low | 149.35800 |
| 2nd Low | 148.64200 |
| 3rd Low | 147.34100 |
Trading Signals: FOREX – USD – USD/JPY – JPY – Bullish Engulfing