USD/JPY – 1H – BUYThe currency pair US Dollar/Japanese Yen (USD/JPY) moves from the ascending trendline downwards
A descending movement downwards to the next support line at 156.01700 will persist.
Caution: A possible reversal of the trend in the direction of the resistance line at 158.06800 could occur.
In the case of a trade, always set appropriate stop-loss settings.
Then a ‘Two-Candle Shooting Star’ chart pattern is found. The candles form ‘Two-Candle Shooting Star’. which is a negative chart scenario. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Two-Candle Shooting Star’ going down is 61% (Bull Market) & 58% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 158.08100 |
| Next High | 158.06800 |
| Current Price | 157.36500 |
| Next Low | 156.01700 |
| 2nd Low | 155.94900 |
| 3rd Low | 153.15600 |
Trading Signals: FOREX – USD – USD/JPY – JPY – Two-Candle Shooting Star