USD/JPY – 30M – BUYCorrection of the major bullish trend broke through the Fibonacci 0.24-Level.Continuation of the current descending trend is likely expected. Current target is 155.5395 at the Fibonacci level 0.5-Level. Caution: A possible reversal of the trend in the direction of the support level at 157.92300 could happen.
In the case of a trade, always set appropriate stop-loss settings.
Additionally a ‘Three Outside Down’ candle chart pattern is existing. The candles form ‘Three Outside Down’. which is a negative signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Three Outside Down’ going down is 69% (Bull Market) & 70% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | 157.92300 |
| Current Price | 156.71500 |
| Next Low | 156.39600 |
| 2nd Low | 153.33100 |
| 3rd Low | 153.15600 |
Trading Signals: FOREX – USD – USD/JPY – JPY – Three Outside Down