USD/JPY – 1H – BUYThe combination US Dollar/Japanese Yen (USD/JPY) jumps from the bullish trendline downwards
A descent down to the next support at 156.43300 will continue.
Caution: A possible counter-trend in the direction of resistance at 157.77700 could be enabled.
In case of a trade, appropriate stop-loss settings should be considered.
Correction of the major bearish trend broke the Fibonacci 0.5-Level.Continuation of the current ascending trend will continue. Target of the current trend is 157.639304 at the Fibonacci level 0.79-Level. Caution: A possible counter-trend in the direction of resistance at 157.77700 could be enabled.
In case of a trade, appropriate stop-loss settings should be considered.
Furthermore a ‘Three White Soldiers’ candle pattern is discovered. The candles form ‘Three White Soldiers’. 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 ‘Three White Soldiers’ heading up is 82%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 158.08100 |
| 2nd High | 158.06800 |
| Next High | 157.77700 |
| Current Price | 157.65900 |
| Next Low | 156.43300 |
| 2nd Low | 156.01700 |
| 3rd Low | 155.94900 |
Trading Signals: FOREX – USD – USD/JPY – JPY – Three White Soldiers