USD/JPY – 30M – SELLThe currency pair US Dollar/Japanese Yen (USD/JPY) jumps from the descending trendline down.
A continuation of the downtrend downwards to the next support line at 156.163 is considered certain.
Caution: A possible trend reversal in the direction of the resistance line at 156.985 is within the realm of possibility.
In case of a trade, appropriate stop-loss settings should be considered.
Moreover a ‘Tweezers Top’ candle pattern is discovered. The candles show ‘Tweezers Top’. which is a negative chart scenario. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Tweezers Top’ going down is 56% (Bull Market) & 55% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 160.721 |
| 2nd High | 157.934 |
| Next High | 156.985 |
| Current Price | 156.74700 |
| Next Low | 156.163 |
| 2nd Low | 156.016 |
| 3rd Low | 155.611 |
156.985 – 156.522 – 156.508 – 156.163 – 156.016 – 156.019 —
156.85200 – 156.78400 —
53.940640778331 – 50.131970485099 —
– —
156.985 – 1778211000
Trading Signals: FOREX – USD – USD/JPY – JPY – Tweezers Top – – – – – – – – –