AUD/JPY – 1H – BUYThe combination Australian Dollar/Japanese Yen (AUD/JPY) goes from the bullish trendline downwards
The bearish trend down to the next support at 96.44700 will continue.
Caution: A possible change in the direction of the resistance zone at 97.79400 should always be considered.
In the case of a trade, always set appropriate stop-loss settings.
Next a ‘Three Outside Down’ chart pattern is found. The candles show ‘Three Outside Down’. this is a bearish pattern signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Three Outside Down’ going down is 69% (Bull Market) & 70% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 98.02700 |
| 2nd High | 98.01100 |
| Next High | 97.79400 |
| Current Price | 96.91800 |
| Next Low | 96.44700 |
| 2nd Low | 95.61100 |
| 3rd Low | 95.51400 |
Trading Signals: FOREX – AUD – AUD/JPY – JPY – Three Outside Down