USD/JPY – 4H – BUYThe pair US Dollar/Japanese Yen (USD/JPY) goes from the bearish trendline downwards
A continuation of the bearish trend down to the next support level at 156.23700 will persist.
Caution: A possible counter-trend in the direction of the resistance level at 158.54900 could be enabled.
In the case of a trade, always set appropriate stop-loss settings.
Furthermore a ‘Bullish Engulfing’ candlestick chart pattern is existing. The candles show ‘Bullish Engulfing’. which is a positive pattern signal. The currency pair is likely to rise. 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 | 158.54900 |
| Current Price | 157.81000 |
| Next Low | 156.23700 |
| 2nd Low | 156.01700 |
| 3rd Low | 153.15600 |
Trading Signals: FOREX – USD – USD/JPY – JPY – Bullish Engulfing