USD/JPY – 1H – SELLCorrection of the major bearish trend halted around the Fibonacci 0.79-Level.Continuation of the current descending trend will persist. Current target is 157.049 at the Fibonacci level 0.5-Level. Caution: A possible change in the direction of the support zone at 158.06800 should be noted.
Consider stop-loss settings accordingly.
And also a ‘Bearish Belt Hold’ chart pattern is discovered. The candles show ‘Bearish Belt Hold’. 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 ‘Bearish Belt Hold’ heading down is 68% (Bull Market) & 69% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 158.08100 |
| Next High | 158.06800 |
| Current Price | 157.28300 |
| Next Low | 156.01700 |
| 2nd Low | 155.94900 |
| 3rd Low | 153.15600 |
Trading Signals: FOREX – USD – USD/JPY – JPY – Bearish Belt Hold