USD/JPY – 30M – SELLThe pair US Dollar/Japanese Yen (USD/JPY) moves from the bearish trendline down.
A continuation of the downward movement down to the next support line at 142.04100 will persist.
Caution: A possible change in the direction of resistance at 142.95600 should be noted.
In the case of a trade, always set appropriate stop-loss settings.
Next a ‘Last Engulfing Bottom:’ candlestick pattern is discovered. The candles show ‘Last Engulfing Bottom:’. 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 ‘Last Engulfing Bottom:’ going down is 65% (Bull Market) & 67% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 143.50800 |
| 2nd High | 143.27900 |
| Next High | 142.95600 |
| Current Price | 142.35300 |
| Next Low | 142.04100 |
| 2nd Low | |
| 3rd Low |
142.95600 – 143.27900 – 143.26400 – 142.04100 – 142.59500 – 142.77900
Trading Signals: FOREX – USD – USD/JPY – JPY – Last Engulfing Bottom: