USD/JPY – 4H – BUYThe pair US Dollar/Japanese Yen (USD/JPY) moves from the bullish trendline downwards
The bearish trend downwards to the next support level at 153.15600 is certain.
Caution: A possible trend reversal in the direction of the resistance line at 157.92300 could happen.
Consider stop-loss settings accordingly.
Moreover a ‘Matching Low’ candlestick chart pattern is discovered. The candles show ‘Matching Low’. which is a bullish pattern signal. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Matching Low’ going up is 61% (Bull & Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | 157.92300 |
| Current Price | 157.34300 |
| Next Low | 153.15600 |
| 2nd Low | 149.35800 |
| 3rd Low | 148.64200 |
Trading Signals: FOREX – USD – USD/JPY – JPY – Matching Low