USD/JPY – 1H – BUYThe pair US Dollar/Japanese Yen (USD/JPY) breaks through the bullish trendline up.
A continuation of the bullish trend up to the next resistance at 156.245 is likely expected.
Caution: A possible reversal of the trend in the direction of the support level at 155.21300 could occur.
Consider stop-loss settings accordingly.
Moreover a ‘Bullish Engulfing’ candlestick pattern is detected. The candles show ‘Bullish Engulfing’. which is a bullish signal. The pair is likely to go up. 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 | 156.749 |
| 2nd High | 156.576 |
| Next High | 156.245 |
| Current Price | 156.24600 |
| Next Low | 155.21300 |
| 2nd Low | 154.813 |
| 3rd Low | 153.615 |
155.728 – 155.373 – 154.761 – 155.21300 – 154.813 – 153.615 —
155.37800 – 156.24900 —
47.750205730642 – 78.069389596828 —
155.21300 – 1763528400 —
155.72800 – 1763496000
Trading Signals: FOREX – USD – USD/JPY – JPY – Bullish Engulfing – – – – –