USD/JPY – 30M – BUYThe pair US Dollar/Japanese Yen (USD/JPY) breaks through the bearish trendline up.
A bullish ascent up to the next resistance at 158.19300 is considered certain.
Caution: A possible trend reversal in the direction of the support level at 157.40100 should be noted.
Consider stop-loss settings accordingly.
Moreover a ‘Tweezers Bottom’ candlestick pattern is existing. The chart shows ‘Tweezers Bottom’. 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 success rate of a ‘Tweezers Bottom’ going up is 52% (Bull Market) & 56% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 158.87500 |
| Next High | 158.19300 |
| Current Price | 157.98400 |
| Next Low | 157.40100 |
| 2nd Low | 157.29400 |
| 3rd Low | 157.08400 |
Trading Signals: FOREX – USD – USD/JPY – JPY – Tweezers Bottom