USD/JPY – 4H – SELLThe combination US Dollar/Japanese Yen (USD/JPY) goes from the bullish trendline downwards
A bearish descent downwards to the next support level at 153.15600 is expected.
Caution: A possible reversal of the trend in the direction of resistance at 158.08100 is within the realm of possibility.
In the case of a trade, always set appropriate stop-loss settings.
Next a ‘Three Outside Down’ candle pattern is found. The candles form ‘Three Outside Down’. 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 ‘Three Outside Down’ going down is 69% (Bull Market) & 70% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | 158.08100 |
| Current Price | 157.26500 |
| Next Low | 153.15600 |
| 2nd Low | 149.35800 |
| 3rd Low | 148.64200 |
Trading Signals: FOREX – USD – USD/JPY – JPY – Three Outside Down