USD/JPY – 1H – SELLThe combination US Dollar/Japanese Yen (USD/JPY) goes from the bearish trendline downwards
A continuation of the downward movement down to the next support level at 146.304 is considered certain.
Caution: A possible counter-trend in the direction of the resistance level at 147.641 is within the realm of possibility.
In case of a trade, appropriate stop-loss settings should be considered.
Also there is a ‘Matching Low’ candle chart pattern is found. The chart forms ‘Matching Low’. which is a positive signal. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Matching Low’ going up is 61% (Bull & Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 148.776 |
| 2nd High | 148.574 |
| Next High | 147.641 |
| Current Price | 147.16700 |
| Next Low | 146.304 |
| 2nd Low | 146.211 |
| 3rd Low | 144.179 |
147.641 – 148.574 – 148.776 – 146.304 – 147.462 – 146.814 — 36.765765759131 – 36.274991587937 — 0 – 0 – 33.119120436685 – 11.004004662787
Trading Signals: FOREX – USD – USD/JPY – JPY – Matching Low – – –