USD/JPY – 30M – BUYThe pair US Dollar/Japanese Yen (USD/JPY) breaks through the descending trendline up.
The bullish trend upwards to the next resistance level at 154.79600 is considered certain.
Caution: A possible counter-trend in the direction of the support level at 153.27500 should always be considered.
In case of a trade, appropriate stop-loss settings should be considered.
Also there is a ‘Three White Soldiers’ candlestick chart pattern is existing. The chart forms ‘Three White Soldiers’. which is a bullish chart scenario. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Three White Soldiers’ going up is 82%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 155.77800 |
| 2nd High | 155.35500 |
| Next High | 154.79600 |
| Current Price | 154.81100 |
| Next Low | 153.27500 |
| 2nd Low | 152.13800 |
| 3rd Low | 151.28200 |
Trading Signals: FOREX – USD – USD/JPY – JPY – Three White Soldiers