USD/JPY – 30M – BUYThe pair US Dollar/Japanese Yen (USD/JPY) breaks through the descending trendline up.
A bullish ascent up to the next resistance at 158.02300 is considered certain.
Caution: A possible change in the direction of the support level at 157.08400 could happen.
In case of a trade, appropriate stop-loss settings should be considered.
Correction of the major bearish trend broke through the Fibonacci 0.5-Level.Continuation of the current ascending trend is considered certain. Target of the current trend is 158.454062 at the Fibonacci level 0.79-Level. Caution: A possible change in the direction of resistance at 158.02300 could happen.
In case of a trade, appropriate stop-loss settings should be considered.
Also there is a ‘Two-Candle Shooting Star’ chart pattern is existing. The candles form ‘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 chance of ‘Two-Candle Shooting Star’ going down is 61% (Bull Market) & 58% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 158.87500 |
| Next High | 158.02300 |
| Current Price | 157.94000 |
| Next Low | 157.08400 |
| 2nd Low | 156.90800 |
| 3rd Low | 156.23700 |
Trading Signals: FOREX – USD – USD/JPY – JPY – Two-Candle Shooting Star