USD/JPY – 1H – BUYThe pair US Dollar/Japanese Yen (USD/JPY) breaks through the bearish trendline up.
A bullish trend up to the next resistance at 143.08300 is certain.
Caution: A possible change in the direction of support at 139.88400 is within the realm of possibility.
In the case of a trade, always set appropriate stop-loss settings.
Correction of the major bearish trend broke the Fibonacci 0.24-Level.Continuation of the current ascending trend is certain. Target of the current trend is 141.7385 at the Fibonacci level 0.5-Level. Caution: A possible change in the direction of resistance at 143.08300 is within the realm of possibility.
In the case of a trade, always set appropriate stop-loss settings.
Next a ‘Three Outside Up’ candle chart pattern is discovered. The candles form ‘Three Outside Up’. which is a bullish chart scenario. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Three Outside Up’ going up is 75% (Bull Market) & 74% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 143.59300 |
| 2nd High | 143.27900 |
| Next High | 143.08300 |
| Current Price | 141.31000 |
| Next Low | 139.88400 |
| 2nd Low | |
| 3rd Low |
141.17000 – 143.08300 – 143.27900 – 139.88400 – 140.46900 – 141.89500
Trading Signals: FOREX – USD – USD/JPY – JPY – Three Outside Up