AUD/JPY – 1H – BUYThe pair Australian Dollar/Japanese Yen (AUD/JPY) moves from the ascending trendline down.
A descending movement down to the next support at 97.74000 will persist.
Caution: A possible counter-trend in the direction of resistance at 98.23600 should always be considered.
Please make appropriate stop-loss settings in the case of a trade.
In addition a ‘Bullish Engulfing’ candle chart pattern is existing. The chart shows ‘Bullish Engulfing’. which is a positive signal. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bullish Engulfing’ heading up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 98.74700 |
| 2nd High | 98.72700 |
| Next High | 98.23600 |
| Current Price | 97.98700 |
| Next Low | 97.74000 |
| 2nd Low | 97.73700 |
| 3rd Low | 97.42700 |
Trading Signals: FOREX – AUD – AUD/JPY – JPY – Bullish Engulfing