USD/JPY – 1H – SELLThe pair US Dollar/Japanese Yen (USD/JPY) goes from the ascending trendline downwards
A bearish descent down to the next support at 146.814 is likely expected.
Caution: A possible reversal of the trend in the direction of the resistance level at 148.574 could happen.
Consider stop-loss settings accordingly.
Additionally a ‘Support Level’ indicator signal is discovered. The indicator is ‘Support Level’. which is often a bearish signal. The currency pair is likely to fall.
Correction of the major bearish trend halted around the Fibonacci 0.5-Level.Continuation of the current descending trend is likely expected. Current target is 147.158612 at the Fibonacci level 0.24-Level. Caution: A possible reversal of the trend in the direction of the support line at 148.574 could happen.
Consider stop-loss settings accordingly.
Additionally a ‘Three Outside Down’ candle pattern is found. The chart shows ‘Three Outside Down’. this is a bearish chart scenario. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Three Outside Down’ heading down is 69% (Bull Market) & 70% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 150.485 |
| 2nd High | 148.776 |
| Next High | 148.574 |
| Current Price | 147.41600 |
| Next Low | 146.814 |
| 2nd Low | 146.659 |
| 3rd Low | 146.573 |
148.574 – 148.776 – 148.181 – 147.462 – 146.814 – 147.787 — 40.206851030096 – 39.274103203302 — 26.169496179212 – 15.089798605908 – 28.423934361573 – 23.902009904786
Trading Signals: FOREX – USD – USD/JPY – JPY – Three Outside Down – – –