USD/JPY – 1H – BUYThe pair US Dollar/Japanese Yen (USD/JPY) breaks through the bearish trendline up.
The bullish trend up to the next resistance level at 157.39000 is certain.
Caution: A possible reversal of the trend in the direction of the support level at 156.88600 is also possible.
Please make appropriate stop-loss settings in the case of a trade.
Additionally a ‘Bullish Engulfing’ candle chart pattern is found. The chart forms ‘Bullish Engulfing’. which is a bullish signal. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bullish Engulfing’ going up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 157.92300 |
| Next High | 157.39000 |
| Current Price | 157.32800 |
| Next Low | 156.88600 |
| 2nd Low | 155.94900 |
| 3rd Low | 153.15600 |
Trading Signals: FOREX – USD – USD/JPY – JPY – Bullish Engulfing