USD/JPY – 1H – BUYThe pair US Dollar/Japanese Yen (USD/JPY) jumps from the descending trendline up.
A bullish trend upwards to the next resistance line at 141.17000 is expected.
Caution: A possible change in the direction of the support level at 140.46900 should be noted.
Consider stop-loss settings accordingly.
Correction of the major bearish trend broke the Fibonacci 0-Level.Continuation of the current ascending trend is expected. Target of the current trend is 141.206264 at the Fibonacci level 0.24-Level. Caution: A possible change in the direction of the resistance zone at 141.17000 should be noted.
Consider stop-loss settings accordingly.
In addition a ‘Three Outside Up’ candle chart pattern is existing. The candles show ‘Three Outside Up’. this is a bullish pattern signal. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Three Outside Up’ heading up is 75% (Bull Market) & 74% (Bear Market).
In addition a ‘Support Level’ indicator signal is detected. The indicator shows ‘Support Level’. this is usually a bullish signal. The pair is likely to go up.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 143.27900 |
| 2nd High | 143.08300 |
| Next High | 141.17000 |
| Current Price | 140.77500 |
| Next Low | 140.46900 |
| 2nd Low | |
| 3rd Low |
141.17000 – 143.08300 – 143.27900 – 140.46900 – 141.89500 – 141.61000
Trading Signals: FOREX – USD – USD/JPY – JPY – Three Outside Up