USD/JPY – 30M – BUYThe currency pair US Dollar/Japanese Yen (USD/JPY) breaks through the descending trendline up.
A bullish trend upwards to the next resistance line at 155.13900 will continue.
Caution: A possible reversal of the trend in the direction of the support level at 154.29300 should be noted.
In case of a trade, appropriate stop-loss settings should be considered.
And also a ‘Bullish Engulfing’ candlestick pattern is discovered. The candles form ‘Bullish Engulfing’. which is a bullish chart scenario. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bullish Engulfing’ heading up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 156.74500 |
| 2nd High | 155.77800 |
| Next High | 155.13900 |
| Current Price | 154.98100 |
| Next Low | 154.29300 |
| 2nd Low | 153.83600 |
| 3rd Low | 153.40300 |
Trading Signals: FOREX – USD – USD/JPY – JPY – Bullish Engulfing