USD/JPY – 1H – BUYThe currency pair US Dollar/Japanese Yen (USD/JPY) breaks through the ascending trendline up.
A continuation of the uptrend up to the next resistance level at 158.41300 is considered certain.
Caution: A possible change in the direction of the support line at 156.23700 could happen.
Please make appropriate stop-loss settings in the case of a trade.
Correction of the major bullish trend halted around the Fibonacci 0.24-Level.Continuation of the current ascending trend is considered certain. Target of the current trend is 158.413 at the Fibonacci level 0-Level. Caution: A possible change in the direction of the resistance line at 158.41300 could happen.
Please make appropriate stop-loss settings in the case of a trade.
Moreover a ‘Two-Candle Shooting Star’ chart pattern is existing. The candles show ‘Two-Candle Shooting Star’. which is a bearish signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Two-Candle Shooting Star’ going down is 61% (Bull Market) & 58% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | 158.41300 |
| Current Price | 157.93700 |
| Next Low | 156.23700 |
| 2nd Low | 156.01700 |
| 3rd Low | 155.94900 |
Trading Signals: FOREX – USD – USD/JPY – JPY – Two-Candle Shooting Star