USD/JPY – 1H – BUYThe currency pair US Dollar/Japanese Yen (USD/JPY) jumps from the bullish trendline downwards
A bearish trend downwards to the next support at 157.37200 will continue.
Caution: A possible trend reversal in the direction of the resistance level at 158.42200 should be noted.
Consider stop-loss settings accordingly.
Next a ‘Bullish Engulfing’ chart pattern is existing. The chart shows ‘Bullish Engulfing’. this is a bullish pattern signal. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bullish Engulfing’ going up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | 158.42200 |
| Current Price | 158.10000 |
| Next Low | 157.37200 |
| 2nd Low | 156.23700 |
| 3rd Low | 156.01700 |
Trading Signals: FOREX – USD – USD/JPY – JPY – Bullish Engulfing