USD/JPY – 4H – BUYThe combination US Dollar/Japanese Yen (USD/JPY) jumps from the bullish trendline upwards
A continuation of the bullish trend upwards to the next resistance level at 158.08100 will persist.
Caution: A possible trend reversal in the direction of the support zone at 156.01700 is within the realm of possibility.
In the case of a trade, always set appropriate stop-loss settings.
Moreover a ‘Latter Bottom’ chart pattern is existing. The candles form ‘Latter Bottom’. which is a bullish signal. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Latter Bottom’ going up is 56% (Bull Market) & 51% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | 158.08100 |
| Current Price | 157.33700 |
| Next Low | 156.01700 |
| 2nd Low | 153.15600 |
| 3rd Low | 149.35800 |
Trading Signals: FOREX – USD – USD/JPY – JPY – Latter Bottom