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USDJPY, Candlestick Analysis

11/4/2022 10:33 AM


On the four-hour chart under the level of 148.94 there is a formation of the candlestick pattern Shooting Star, which signals about the probable completion of the uptrend in the asset, as well as the divergent pattern Hanging Man, which indicates that the price has reached the local top and the "bulls" weakening potential. At the moment, a more likely scenario is a decline in the quotes of the USD/JPY pair to the support level of 145.09, overcoming which will allow the "bears" to go lower, to the zone of 139.70–133.63. An alternative scenario is possible in case of overcoming the resistance level of 150.24, then the upward movement will continue to new highs in the area of 155.01–161.30.


On the daily chart, below the resistance level of 150.24, there is the formation of a Long-Legged Doji candlestick analysis pattern, which signals uncertainty in the market and warns traders about an imminent trend reversal. In turn, a series of Hanging Man patterns warns of the price reaching the top and a possible downward reversal, while the Dragonfly Doji pattern indicates a "bullish" sentiment, but at the bottom; however, in this case, its formation took place in an uptrend at the top, which in turn is a signal of the upcoming reversal of quotes downwards. The decline of the instrument is likely to continue to the support level of 145.09, the overcoming of which will open the way for the "bears" to the area of 139.70–133.63.

Support levels: 145.09, 139.70, 133.63. | Resistance levels: 150.24, 155.81, 161.30.

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