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Indicators and patterns

10/31/2024

Indicators and patterns

Indicators and patterns

The indicator identified in this scenario is a "Shooting Star" candlestick pattern on the USD/JPY currency pair chart with a 15-minute time frame.

A Shooting Star is a bearish reversal pattern that occurs at the end of an uptrend. It is characterized by a small body near the low of the candle and a long upper shadow that is at least twice the length of the body. This pattern suggests that despite an attempt to push prices higher, sellers ultimately took control and pushed the price back down, indicating a potential trend reversal.

In this case, the Shooting Star pattern is signaling a bearish outlook for the USD/JPY pair, suggesting a potential opportunity to sell. The pattern was identified at a price of 152.46001 on October 31, 2024, at 9:00 AM. Traders may interpret this signal as a potential entry point for a short position or as a warning sign to be cautious about holding long positions.

This is not investment advice. Remember to verify the information provided here.

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