USD/JPY – 30M – BUYThe pair US Dollar/Japanese Yen (USD/JPY) moves from the bullish trendline downwards
A bearish trend down to the next support line at 148.64200 is expected.
Caution: A possible change in the direction of resistance at 150.23500 is within the realm of possibility.
Consider stop-loss settings accordingly.
In addition a ‘Bullish Engulfing’ chart pattern is detected. The candles show ‘Bullish Engulfing’. this is a bullish chart scenario. The pair is likely to go up. 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 | 151.94800 |
| 2nd High | 150.74700 |
| Next High | 150.23500 |
| Current Price | 149.75400 |
| Next Low | 148.64200 |
| 2nd Low | 148.39700 |
| 3rd Low | 148.23700 |
Trading Signals: FOREX – USD – USD/JPY – JPY – Bullish Engulfing