AUD/JPY – 1H – BUYThe combination Australian Dollar/Japanese Yen (AUD/JPY) moves from the descending trendline down.
A continuation of the downward movement downwards to the next support line at 97.74000 is likely expected.
Caution: A possible reversal of the trend in the direction of the resistance level at 98.40500 should be noted.
Consider stop-loss settings accordingly.
Moreover a ‘Bullish Engulfing’ candle chart pattern is detected. The chart shows ‘Bullish Engulfing’. which is a positive pattern signal. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Bullish Engulfing’ going up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 98.72700 |
| 2nd High | 98.43800 |
| Next High | 98.40500 |
| Current Price | 97.88900 |
| Next Low | 97.74000 |
| 2nd Low | 97.73700 |
| 3rd Low | 97.42700 |
Trading Signals: FOREX – AUD – AUD/JPY – JPY – Bullish Engulfing