USD/JPY – 30M – SELLThe currency pair US Dollar/Japanese Yen (USD/JPY) goes from the bearish trendline down.
A continuation of the bearish trend downwards to the next support level at 157.40100 is likely expected.
Caution: A possible counter-trend in the direction of the resistance level at 158.19300 could be enabled.
In case of a trade, appropriate stop-loss settings should be considered.
Next a ‘Three Outside Down’ candlestick pattern is existing. The candles show ‘Three Outside Down’. which is a negative chart scenario. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Three Outside Down’ heading down is 69% (Bull Market) & 70% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 158.87500 |
| Next High | 158.19300 |
| Current Price | 157.89900 |
| Next Low | 157.40100 |
| 2nd Low | 157.29400 |
| 3rd Low | 157.08400 |
Trading Signals: FOREX – USD – USD/JPY – JPY – Three Outside Down