AUD/JPY – 1H – SELLThe pair Australian Dollar/Japanese Yen (AUD/JPY) jumps from the bullish trendline downwards
A bearish movement downwards to the next support level at 98.04800 is likely expected.
Caution: A possible trend reversal in the direction of the resistance line at 99.16100 should be noted.
Consider stop-loss settings accordingly.
Then a ‘Shooting Star’ candle chart pattern is existing. The chart forms ‘Shooting Star’. which is a negative pattern signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Shooting Star’ heading down is 59% (Bull Market) & 60% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 101.55400 |
| 2nd High | 101.02600 |
| Next High | 99.16100 |
| Current Price | 98.43500 |
| Next Low | 98.04800 |
| 2nd Low | 97.49000 |
| 3rd Low | 97.04900 |
Trading Signals: FOREX – AUD – AUD/JPY – JPY – Shooting Star