USD/JPY – 30M – BUYThe combination US Dollar/Japanese Yen (USD/JPY) breaks through the descending trendline upwards
An ascending movement up to the next resistance at 161.517 is likely expected.
Caution: A possible trend reversal in the direction of the support line at 160.488 could happen.
Consider stop-loss settings accordingly.
Also there is a ‘Bullish Engulfing’ candle chart pattern is detected. 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 chance of ‘Bullish Engulfing’ going up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 162.76 |
| 2nd High | 162.613 |
| Next High | 161.517 |
| Current Price | 161.32400 |
| Next Low | 160.488 |
| 2nd Low | 160.473 |
| 3rd Low | 160.113 |
161.517 – 162.613 – 162.76 – 160.488 – 160.918 – 160.629 —
161.26900 – 161.35600 —
58.827650077674 – 59.736059079812 —
– —
161.517 – 1783047600
Trading Signals: FOREX – USD – USD/JPY – JPY – Bullish Engulfing – – – – – – – – –