USD/JPY – 30M – BUYThe currency pair US Dollar/Japanese Yen (USD/JPY) moves from the descending trendline up.
A bullish trend upwards to the next resistance level at 154.21600 is likely expected.
Caution: A possible reversal of the trend in the direction of the support line at 151.28200 could happen.
In the case of a trade, always set appropriate stop-loss settings.
Also there is a ‘Bullish Engulfing’ chart pattern is existing. The candles show ‘Bullish Engulfing’. which is a bullish chart scenario. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Bullish Engulfing’ going up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 154.72000 |
| 2nd High | 154.48600 |
| Next High | 154.21600 |
| Current Price | 151.34800 |
| Next Low | 151.28200 |
| 2nd Low | 150.60100 |
| 3rd Low | 150.49100 |
Trading Signals: FOREX – USD – USD/JPY – JPY – Bullish Engulfing