USD/JPY – 30M – SELL

The combination US Dollar/Japanese Yen (USD/JPY) jumps from the ascending trendline down.

A bearish movement downwards to the next support line at 157.05500 will continue.

Caution: A possible trend reversal in the direction of the resistance zone at 157.37900 should always be considered.
In case of a trade, appropriate stop-loss settings should be considered.

Correction of the major bullish trend broke through the Fibonacci 0-Level.Continuation of the current descending trend will continue. Current target is 157.049924 at the Fibonacci level 0.24-Level. Caution: A possible trend reversal in the direction of the support line at 157.37900 should always be considered.
In case of a trade, appropriate stop-loss settings should be considered.

Furthermore a ‘Three Outside Down’ candle chart pattern is detected. The chart shows ‘Three Outside Down’. which is a bearish signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Three Outside Down’ heading down is 69% (Bull Market) & 70% (Bear Market).

Download USD/JPY Signal Image

Trading Signals: FOREX – USD – USD/JPY – JPY – Three Outside Down