USD/JPY – 4H – BUYThe pair US Dollar/Japanese Yen (USD/JPY) breaks through the descending trendline up.
A bullish trend upwards to the next resistance level at 159.223 is certain.
Caution: A possible trend reversal in the direction of the support level at 157.271 is also possible.
Please make appropriate stop-loss settings in the case of a trade.
Moreover a ‘Resistance Level’ indicator signal is discovered. The indicator shows ‘Resistance Level’. which could be a positive chart scenario. The currency pair could go up.
Moreover a ‘Advance Block’ candle pattern is found. The chart forms ‘Advance Block’. which 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 success rate of a ‘Advance Block’ heading down is 64% (Bull Market) & 61% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 159.452 |
| Next High | 159.223 |
| Current Price | 159.02200 |
| Next Low | 157.271 |
| 2nd Low | 156.449 |
| 3rd Low | 155.534 |
158.899 – 157.965 – 156.818 – 157.271 – 156.449 – 155.534 —
157.91300 – 158.97000 —
47.459971589038 – 67.560695220029 —
– —
158.899 – 1773028800
Trading Signals: FOREX – USD – USD/JPY – JPY – Advance Block – – – – – – – – –