AUD/JPY – 4H – BUYThe currency pair Australian Dollar/Japanese Yen (AUD/JPY) moves from the ascending trendline down.
The bearish trend down to the next support at 96.92900 is likely expected.
Caution: A possible trend reversal in the direction of the resistance level at 99.16100 should always be considered.
In the case of a trade, always set appropriate stop-loss settings.
Besides a ‘Bullish Engulfing’ chart pattern is existing. The candles show ‘Bullish Engulfing’. this is a bullish pattern 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 | 102.39800 |
| 2nd High | 101.55400 |
| Next High | 99.16100 |
| Current Price | 97.77700 |
| Next Low | 96.92900 |
| 2nd Low | 95.79700 |
| 3rd Low | 95.51400 |
Trading Signals: FOREX – AUD – AUD/JPY – JPY – Bullish Engulfing