USD/JPY – 1H – SELLCorrection of the major bearish trend halted around the Fibonacci 0-Level.Continuation of the current descending trend is certain. Target of the current trend is 143.993 at the Fibonacci level 0-Level. Caution: A possible reversal of the trend in the direction of the support line at 148.27600 should always be considered.
Please make appropriate stop-loss settings in the case of a trade.
Moreover a ‘Bearish Belt Hold’ candlestick chart pattern is found. The chart shows ‘Bearish Belt Hold’. 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 ‘Bearish Belt Hold’ heading down is 68% (Bull Market) & 69% (Bear Market).
Moreover a ‘Double top chart pattern’ chart pattern is detected. The chart forms ‘Double top chart pattern’. which is a negative signal. The currency pair is likely to go down.
Moreover a ‘Support Level’ indicator signal is found. The indicator is ‘Support Level’. which could be a negative chart scenario. The pair is likely to go down.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 151.20700 |
| 2nd High | 150.48500 |
| Next High | 148.27600 |
| Current Price | 142.84600 |
| Next Low | |
| 2nd Low | |
| 3rd Low |
148.27600 – 148.14700 – 147.43000 – 143.99300 – 144.81500 – 144.54900
Trading Signals: FOREX – USD – USD/JPY – JPY – Bearish Belt Hold