USD/JPY – 4H – BUYThe combination US Dollar/Japanese Yen (USD/JPY) goes from the bullish trendline downwards
A bearish movement down to the next support level at 148.17400 is expected.
Caution: A possible change in the direction of the resistance line at 151.20700 should always be considered.
In the case of a trade, always set appropriate stop-loss settings.
Correction of the major bullish trend halted around the Fibonacci 0.5-Level.Continuation of the current ascending trend is expected. Current target is 150.10488 at the Fibonacci level 0.24-Level. Caution: A possible change in the direction of the resistance line at 151.20700 should always be considered.
In the case of a trade, always set appropriate stop-loss settings.
Next a ‘Bullish Belt Hold’ candle chart pattern is found. The chart shows ‘Bullish Belt Hold’. this is a bullish pattern signal. The pair is likely to go up. 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 | 151.30100 |
| Next High | 151.20700 |
| Current Price | 149.60100 |
| Next Low | 148.17400 |
| 2nd Low | 147.40900 |
| 3rd Low | 146.53700 |
151.20700 – 150.94000 – 150.14400 – 148.17400 – 147.40900 – 146.53700
Trading Signals: FOREX – USD – USD/JPY – JPY – Bullish Belt Hold