USD/JPY – 1H – BUYThe combination US Dollar/Japanese Yen (USD/JPY) jumps from the bullish trendline downwards
A descent down to the next support line at 142.90100 is expected.
Caution: A possible trend reversal in the direction of resistance at 146.18500 is also possible.
In case of a trade, appropriate stop-loss settings should be considered.
Correction of the major bullish trend halted around the Fibonacci 0.24-Level.Continuation of the current ascending trend is expected. Current target is 146.185 at the Fibonacci level 0-Level. Caution: A possible trend reversal in the direction of resistance at 146.18500 is also possible.
In case of a trade, appropriate stop-loss settings should be considered.
Additionally a ‘Northern Doji’ candle pattern is found. The candles form ‘Northern Doji’. which is a bullish chart scenario. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Northern Doji’ heading up is 52% (Bull Market) & 51% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 150.48500 |
| 2nd High | 148.27600 |
| Next High | 146.18500 |
| Current Price | 145.37300 |
| Next Low | 142.90100 |
| 2nd Low | 142.35100 |
| 3rd Low | 141.96400 |
146.18500 – 144.27200 – 145.92000 – 142.90100 – 142.35100 – 143.53600
Trading Signals: FOREX – USD – USD/JPY – JPY – Northern Doji