The currency pair US Dollar/Japanese Yen (USD/JPY) breaks through the descending trendline upwards
A bullish movement up to the next resistance level at 162.542 is likely expected.
Caution: A possible counter-trend in the direction of the support zone at 161.978 could be enabled.
In the case of a trade, always set appropriate stop-loss settings.
Also there is a ‘Northern Doji’ candlestick pattern is existing. The candles form ‘Northern Doji’. which is a positive chart scenario. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Northern Doji’ heading up is 52% (Bull Market) & 51% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 162.838 |
| 2nd High | 162.704 |
| Next High | 162.542 |
| Current Price | 162.36000 |
| Next Low | 161.978 |
| 2nd Low | 161.891 |
| 3rd Low | 161.603 |
162.542 – 162.417 – 162.481 – 161.978 – 161.891 – 161.603 —
162.46600 – 162.45100 —
54.764518034906 – 52.229028665013 —
– —
162.542 – 1784228400
Trading Signals: FOREX – USD – USD/JPY – JPY – Northern Doji – – – – – – – – –