USD/JPY – 1H – BUYThe currency pair US Dollar/Japanese Yen (USD/JPY) moves from the bullish trendline down.
A descending movement downwards to the next support line at 156.88600 is considered certain.
Caution: A possible counter-trend in the direction of the resistance zone at 157.39000 is within the realm of possibility.
In case of a trade, appropriate stop-loss settings should be considered.
Next a ‘Bullish Harami’ candle chart pattern is discovered. The candles form ‘Bullish Harami’. 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 success rate of a ‘Bullish Harami’ going up is 53% (Bull Market) & 51% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 157.92300 |
| Next High | 157.39000 |
| Current Price | 157.14700 |
| Next Low | 156.88600 |
| 2nd Low | 155.94900 |
| 3rd Low | 153.15600 |
Trading Signals: FOREX – USD – USD/JPY – JPY – Bullish Harami