AUD/JPY – 30M – BUYThe combination Australian Dollar/Japanese Yen (AUD/JPY) jumps from the descending trendline downwards
A continuation of the downtrend down to the next support line at 98.12700 is considered certain.
Caution: A possible change in the direction of the resistance level at 98.74700 is also possible.
Consider stop-loss settings accordingly.
Besides a ‘Bullish Engulfing’ candlestick pattern is existing. The chart forms ‘Bullish Engulfing’. which is a positive chart scenario. The currency pair is likely to rise. 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 | 100.30800 |
| 2nd High | 99.21500 |
| Next High | 98.74700 |
| Current Price | 98.50200 |
| Next Low | 98.12700 |
| 2nd Low | 97.70600 |
| 3rd Low | 97.62000 |
Trading Signals: FOREX – AUD – AUD/JPY – JPY – Bullish Engulfing