USD/JPY – 30M – SELLThe combination US Dollar/Japanese Yen (USD/JPY) goes from the descending trendline downwards
A continuation of the bearish trend down to the next support line at 143.97200 will continue.
Caution: A possible reversal of the trend in the direction of the resistance zone at 144.77000 is within the realm of possibility.
In the case of a trade, always set appropriate stop-loss settings.
Moreover a ‘Northern Doji’ chart pattern is existing. The chart forms ‘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 success rate of a ‘Northern Doji’ heading up is 52% (Bull Market) & 51% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 145.08600 |
| 2nd High | 144.94500 |
| Next High | 144.77000 |
| Current Price | 144.40200 |
| Next Low | 143.97200 |
| 2nd Low | 143.41700 |
| 3rd Low | 142.77300 |
144.77000 – 144.94500 – 145.08600 – 143.97200 – 143.41700 – 142.77300
Trading Signals: FOREX – USD – USD/JPY – JPY – Northern Doji