AUD/JPY – 1H – SELLThe combination Australian Dollar/Japanese Yen (AUD/JPY) moves from the bullish trendline down.
A descending movement down to the next support level at 97.49000 is likely expected.
Caution: A possible reversal of the trend in the direction of the resistance zone at 98.90500 is also possible.
Consider stop-loss settings accordingly.
Then a ‘Bearish Belt Hold’ candle pattern is detected. The candles form ‘Bearish Belt Hold’. which is a bearish signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bearish Belt Hold’ going down is 68% (Bull Market) & 69% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 101.55400 |
| 2nd High | 101.02600 |
| Next High | 98.90500 |
| Current Price | 98.80000 |
| Next Low | 97.49000 |
| 2nd Low | 97.04900 |
| 3rd Low | 96.92900 |
Trading Signals: FOREX – AUD – AUD/JPY – JPY – Bearish Belt Hold