USD/JPY – 30M – SELL

The combination US Dollar/Japanese Yen (USD/JPY) moves from the ascending trendline down.

A descending movement down to the next support line at 160.629 is considered certain.

Caution: A possible trend reversal in the direction of resistance at 161.517 is within the realm of possibility.
In the case of a trade, always set appropriate stop-loss settings.

Correction of the major bullish trend broke the Fibonacci 0.79-Level.Continuation of the current descending trend is considered certain. Target of the current trend is 160.629 at the Fibonacci level 1-Level. Caution: A possible trend reversal in the direction of the support level at 161.517 is within the realm of possibility.
In the case of a trade, always set appropriate stop-loss settings.

Then a ‘Three Outside Down’ candle pattern is existing. The candles form ‘Three Outside Down’. this is a bearish signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Three Outside Down’ heading down is 69% (Bull Market) & 70% (Bear Market).

161.517 – 162.613 – 162.76 – 160.918 – 160.629 – 162.29 —
161.24500 – 161.17600 —
46.056468706101 – 47.594941250812 —
– —
161.517 – 1783047600

Trading Signals: FOREX – USD – USD/JPY – JPY – Three Outside Down – – – – – – – – –