USD/JPY – 1H – BUYThe combination US Dollar/Japanese Yen (USD/JPY) moves from the bullish trendline downwards
A bearish descent down to the next support level at 149.35800 is expected.
Caution: A possible counter-trend in the direction of the resistance level at 151.22600 could happen.
In the case of a trade, always set appropriate stop-loss settings.
Moreover a ‘Matching Low’ chart pattern is existing. The candles form ‘Matching Low’. which is a positive signal. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Matching Low’ heading up is 61% (Bull & Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 154.72000 |
| 2nd High | 151.94800 |
| Next High | 151.22600 |
| Current Price | 151.58900 |
| Next Low | 149.35800 |
| 2nd Low | 148.64200 |
| 3rd Low | 148.39700 |
Trading Signals: FOREX – USD – USD/JPY – JPY – Matching Low