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USDJPY, Candlestick Analysis

9/7/2022 12:54 PM


On the 4-hour chart, there is a formation of a Three Advancing White Soldiers candlestick analysis above 139.69 and a Shooting Star pattern below the resistance level of 145.41, which is a signal for a trend reversal. However, in order to confirm the price reversal, traders need to wait until the figure is formed. In the current situation, it is likely that the positive dynamics of the instrument will continue to the level of 145.41, overcoming which will allow the "bulls” to rise to the zone of 149.06–152.32. An alternative scenario is possible if sellers consolidate below the support level of 138.80; then the movement of quotations may increase up to the level of 126.69.


On the daily chart, at the level of 138.80, there is the formation of a Three Advancing White Soldiers candlestick analysis pattern, after which the asset rapidly went up, forming a Bullish Marubozu candlestick pattern. The combination of these figures indicates that "bullish" power prevails on the market; therefore, in this situation, the continuation of the uptrend for the instrument in the range of 145.41–152.32 is likely.

Support levels: 138.80, 131.22, 126.69. | Resistance levels: 145.41, 149.06, 152.32.

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