USD/JPY – 1H – BUYThe combination US Dollar/Japanese Yen (USD/JPY) breaks through the bearish trendline upwards
The bullish trend up to the next resistance line at 157.84800 is certain.
Caution: A possible change in the direction of the support level at 156.87200 could occur.
Consider stop-loss settings accordingly.
Correction of the major bearish trend broke the Fibonacci 0.5-Level.Continuation of the current ascending trend is certain. Current target is 157.639304 at the Fibonacci level 0.79-Level. Caution: A possible change in the direction of the resistance line at 157.84800 could occur.
Consider stop-loss settings accordingly.
Furthermore a ‘Three Outside Up’ candlestick chart pattern is discovered. The candles form ‘Three Outside Up’. this is a bullish signal. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Three Outside Up’ heading up is 75% (Bull Market) & 74% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 158.08100 |
| 2nd High | 158.06800 |
| Next High | 157.84800 |
| Current Price | 157.50700 |
| Next Low | 156.87200 |
| 2nd Low | 156.43300 |
| 3rd Low | 156.01700 |
Trading Signals: FOREX – USD – USD/JPY – JPY – Three Outside Up