USD/JPY – 30M – BUYThe combination US Dollar/Japanese Yen (USD/JPY) breaks through the ascending trendline upwards
A continuation of the upward movement upwards to the next resistance at 157.47300 is certain.
Caution: A possible trend reversal in the direction of the support line at 157.05500 should be noted.
In case of a trade, appropriate stop-loss settings should be considered.
There is also a ‘Shooting Star’ candlestick chart pattern is existing. The chart forms ‘Shooting Star’. which is a negative chart scenario. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Shooting Star’ heading down is 59% (Bull Market) & 60% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 157.92300 |
| Next High | 157.47300 |
| Current Price | 157.64900 |
| Next Low | 157.05500 |
| 2nd Low | 156.88600 |
| 3rd Low | 156.46100 |
Trading Signals: FOREX – USD – USD/JPY – JPY – Shooting Star