USD/JPY – 4H – BUYThe currency pair US Dollar/Japanese Yen (USD/JPY) breaks through the bearish trendline up.
An ascending movement up to the next resistance at 158.899 is certain.
Caution: A possible counter-trend in the direction of the support line at 156.449 is within the realm of possibility.
Consider stop-loss settings accordingly.
Additionally a ‘Resistance Level’ indicator layout is discovered. The indicator is ‘Resistance Level’. which could be a positive chart scenario. The currency pair could go up.
Additionally a ‘Three Outside Up’ chart pattern is discovered. The chart forms ‘Three Outside Up’. which is a bullish pattern signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Three Outside Up’ heading up is 75% (Bull Market) & 74% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 159.452 |
| 2nd High | 159.223 |
| Next High | 158.899 |
| Current Price | 158.10100 |
| Next Low | 156.449 |
| 2nd Low | 155.534 |
| 3rd Low | 153.995 |
158.899 – 157.965 – 156.818 – 156.449 – 155.534 – 153.995 —
158.64600 – 157.91300 —
68.813435781799 – 47.45997258081 —
– —
158.899 – 1773028800
Trading Signals: FOREX – USD – USD/JPY – JPY – Three Outside Up – – – – – – – – –