USD/JPY – 30M – BUYCorrection of the major bearish trend broke the Fibonacci 0-Level.Continuation of the current ascending trend is certain. Current target is 157.615164 at the Fibonacci level 0.24-Level. Caution: A possible change in the direction of the resistance line at 158.87500 could happen.
In case of a trade, appropriate stop-loss settings should be considered.
Moreover a ‘Three Outside Up’ chart pattern is found. The chart forms ‘Three Outside Up’. which is a bullish chart scenario. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Three Outside Up’ going up is 75% (Bull Market) & 74% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | 158.87500 |
| Current Price | 157.44400 |
| Next Low | 157.22600 |
| 2nd Low | 156.23700 |
| 3rd Low | 156.01700 |
Trading Signals: FOREX – USD – USD/JPY – JPY – Three Outside Up