USD/JPY – 1H – BUYThe combination US Dollar/Japanese Yen (USD/JPY) jumps from the ascending trendline upwards
A continuation of the uptrend up to the next resistance level at 159.742 is expected.
Caution: A possible counter-trend in the direction of the support zone at 159.23 should always be considered.
In case of a trade, appropriate stop-loss settings should be considered.
Besides a ‘Three Outside Up’ chart pattern is found. The candles form ‘Three Outside Up’. which is a bullish chart scenario. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Three Outside Up’ heading up is 75% (Bull Market) & 74% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 160.459 |
| 2nd High | 159.97 |
| Next High | 159.742 |
| Current Price | 159.64400 |
| Next Low | 159.23 |
| 2nd Low | 158.271 |
| 3rd Low | 158.014 |
159.742 – 159.97 – 160.459 – 159.23 – 158.271 – 159.324 —
159.51000 – 159.53200 —
58.041011762788 – 54.694114952506 —
– —
159.742 – 1775138400
Trading Signals: FOREX – USD – USD/JPY – JPY – Three Outside Up – – – – – – – – –