AUD/JPY – 30M – SELL

The currency pair Australian Dollar/Japanese Yen (AUD/JPY) moves from the descending trendline down.

A continuation of the downward movement down to the next support level at 97.73700 will persist.

Caution: A possible counter-trend in the direction of resistance at 98.23600 is within the realm of possibility.
In case of a trade, appropriate stop-loss settings should be considered.

Then a ‘Bearish Engulfing’ candlestick pattern is found. The candles show ‘Bearish Engulfing’. which is a bearish chart scenario. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bearish Engulfing’ heading down is 79%.

Download AUD/JPY Signal Image

Trading Signals: FOREX – AUD – AUD/JPY – JPY – Bearish Engulfing