USD/JPY – 1H – BUYThe combination US Dollar/Japanese Yen (USD/JPY) breaks through the ascending trendline up.
A continuation of the uptrend up to the next resistance level at 148.27200 will continue.
Caution: A possible change in the direction of the support line at 145.11900 should always be considered.
In case of a trade, appropriate stop-loss settings should be considered.
Additionally a ‘Three Outside Up’ candlestick chart pattern is detected. The candles show ‘Three Outside Up’. which is a positive 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).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 150.48500 |
| 2nd High | 148.64800 |
| Next High | 148.27200 |
| Current Price | 146.98400 |
| Next Low | 145.11900 |
| 2nd Low | 144.32200 |
| 3rd Low | 143.64800 |
145.76600 – 145.43800 – 145.10900 – 145.11900 – 144.32200 – 144.36700
Trading Signals: FOREX – USD – USD/JPY – JPY – Three Outside Up