USD/JPY – 30M – BUYThe pair US Dollar/Japanese Yen (USD/JPY) moves from the ascending trendline down.
A descent down to the next support level at 157.37200 is expected.
Caution: A possible trend reversal in the direction of the resistance zone at 158.42200 is within the realm of possibility.
Please make appropriate stop-loss settings in the case of a trade.
Also there is a ‘Bullish Belt Hold’ candle pattern is discovered. The candles show ‘Bullish Belt Hold’. which is a positive chart scenario. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bullish Belt Hold’ heading up is 71% (Bull Market) & 71% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | 158.42200 |
| Current Price | 158.10000 |
| Next Low | 157.37200 |
| 2nd Low | 156.23700 |
| 3rd Low | 156.01700 |
Trading Signals: FOREX – USD – USD/JPY – JPY – Bullish Belt Hold