USD/JPY – 30M – SELLThe combination US Dollar/Japanese Yen (USD/JPY) jumps from the ascending trendline downwards
A descending movement down to the next support at 156.23700 will continue.
Caution: A possible counter-trend in the direction of the resistance line at 157.95900 should always be considered.
In case of a trade, appropriate stop-loss settings should be considered.
Additionally a ‘Three Outside Down’ candle pattern is existing. The chart forms ‘Three Outside Down’. which is a negative pattern signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Three Outside Down’ going down is 69% (Bull Market) & 70% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 158.08100 |
| 2nd High | 158.06800 |
| Next High | 157.95900 |
| Current Price | 157.85900 |
| Next Low | 156.23700 |
| 2nd Low | 156.01700 |
| 3rd Low | 155.94900 |
Trading Signals: FOREX – USD – USD/JPY – JPY – Three Outside Down