USD/JPY – 1H – SELLCorrection of the major bearish trend halted around the Fibonacci 0.79-Level.Continuation of the current descending trend is likely expected. Target of the current trend is 157.049 at the Fibonacci level 0.5-Level. Caution: A possible trend reversal in the direction of the support level at 157.77700 is within the realm of possibility.
Please make appropriate stop-loss settings in the case of a trade.
Next a ‘Bearish Belt Hold’ chart pattern is existing. The candles form ‘Bearish Belt Hold’. which is a negative pattern signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bearish Belt Hold’ heading down is 68% (Bull Market) & 69% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 158.08100 |
| 2nd High | 158.06800 |
| Next High | 157.77700 |
| Current Price | 157.53100 |
| Next Low | 156.43300 |
| 2nd Low | 156.01700 |
| 3rd Low | 155.94900 |
Trading Signals: FOREX – USD – USD/JPY – JPY – Bearish Belt Hold