USD/JPY – 30M – BUYThe combination US Dollar/Japanese Yen (USD/JPY) moves from the descending trendline downwards
A continuation of the bearish trend downwards to the next support at 155.94900 is considered certain.
Caution: A possible reversal of the trend in the direction of the resistance line at 157.92300 is within the realm of possibility.
In case of a trade, appropriate stop-loss settings should be considered.
Additionally a ‘Three White Soldiers’ candlestick chart pattern is detected. The candles show ‘Three White Soldiers’. which is a positive chart scenario. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Three White Soldiers’ heading up is 82%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | 157.92300 |
| Current Price | 157.13600 |
| Next Low | 155.94900 |
| 2nd Low | 153.33100 |
| 3rd Low | 153.15600 |
Trading Signals: FOREX – USD – USD/JPY – JPY – Three White Soldiers