USD/JPY – 1H – BUYThe combination US Dollar/Japanese Yen (USD/JPY) breaks through the ascending trendline up.
A continuation of the uptrend upwards to the next resistance level at 159.223 is considered certain.
Caution: A possible trend reversal in the direction of the support level at 155.302 is also possible.
In case of a trade, appropriate stop-loss settings should be considered.
Additionally a ‘Bullish Engulfing’ chart pattern is existing. The candles show ‘Bullish Engulfing’. this is a bullish chart scenario. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bullish Engulfing’ heading up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 159.452 |
| Next High | 159.223 |
| Current Price | 156.91200 |
| Next Low | 155.302 |
| 2nd Low | 152.677 |
| 3rd Low | 152.093 |
156.079 – 155.784 – 155.509 – 155.302 – 152.677 – 152.093 —
157.19600 – 156.91800 —
69.769628030569 – 52.014614086478 —
– —
156.079 – 1770134400
Trading Signals: FOREX – USD – USD/JPY – JPY – Bullish Engulfing – – – – – – – – –