USD/JPY – 1H – BUYThe combination US Dollar/Japanese Yen (USD/JPY) breaks through the bearish trendline up.
The bullish trend up to the next resistance at 144.50800 is likely expected.
Caution: A possible change in the direction of the support line at 143.77800 is also possible.
Consider stop-loss settings accordingly.
And also a ‘Bullish Belt Hold’ candlestick chart pattern is discovered. The candles show ‘Bullish Belt Hold’. which is a bullish signal. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bullish Belt Hold’ going up is 71% (Bull Market) & 71% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 145.94700 |
| 2nd High | 144.94500 |
| Next High | 144.50800 |
| Current Price | 143.43700 |
| Next Low | 143.77800 |
| 2nd Low | 143.74900 |
| 3rd Low | 143.64800 |
144.50800 – 144.94500 – 144.80500 – 143.77800 – 144.17200 – 143.74900
Trading Signals: FOREX – USD – USD/JPY – JPY – Bullish Belt Hold – Double top retreat up