USD/JPY – 30M – BUYThe combination US Dollar/Japanese Yen (USD/JPY) goes from the ascending trendline down.
The bearish trend down to the next support level at 153.15600 is expected.
Caution: A possible reversal of the trend in the direction of the resistance line at 154.34100 should be noted.
Consider stop-loss settings accordingly.
Then a ‘Three Outside Down’ candle chart pattern is discovered. The chart forms ‘Three Outside Down’. which is a bearish pattern signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Three Outside Down’ going down is 69% (Bull Market) & 70% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 154.48600 |
| 2nd High | 154.47600 |
| Next High | 154.34100 |
| Current Price | 153.61700 |
| Next Low | 153.15600 |
| 2nd Low | 151.79600 |
| 3rd Low | 151.00000 |
Trading Signals: FOREX – USD – USD/JPY – JPY – Three Outside Down