USD/JPY – 30M – BUYThe combination US Dollar/Japanese Yen (USD/JPY) goes from the ascending trendline down.
A bearish movement down to the next support line at 157.63000 is expected.
Caution: A possible counter-trend in the direction of resistance at 158.06800 could happen.
Consider stop-loss settings accordingly.
Moreover a ‘Matching Low’ candle chart pattern is found. The candles show ‘Matching Low’. this is a bullish signal. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Matching Low’ going up is 61% (Bull & Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 158.08100 |
| Next High | 158.06800 |
| Current Price | 157.63400 |
| Next Low | 157.63000 |
| 2nd Low | 157.35000 |
| 3rd Low | 157.05500 |
Trading Signals: FOREX – USD – USD/JPY – JPY – Matching Low