USD/JPY – 4H – SELLThe combination US Dollar/Japanese Yen (USD/JPY) goes from the bullish trendline down.
A descending movement down to the next support level at 156.23700 is likely expected.
Caution: A possible counter-trend in the direction of the resistance zone at 157.84800 could occur.
In case of a trade, appropriate stop-loss settings should be considered.
Also there is a ‘Bearish Belt Hold’ candlestick pattern is found. The candles show ‘Bearish Belt Hold’. which is a negative pattern signal. 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’ going down is 68% (Bull Market) & 69% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 158.08100 |
| Next High | 157.84800 |
| Current Price | 157.74300 |
| Next Low | 156.23700 |
| 2nd Low | 156.01700 |
| 3rd Low | 153.15600 |
Trading Signals: FOREX – USD – USD/JPY – JPY – Bearish Belt Hold