AUD/JPY – 1H – BUYThe pair Australian Dollar/Japanese Yen (AUD/JPY) breaks through the bearish trendline upwards
The bullish trend upwards to the next resistance level at 97.14200 is expected.
Caution: A possible trend reversal in the direction of the support line at 95.90400 should always be considered.
In the case of a trade, always set appropriate stop-loss settings.
Moreover a ‘Inverted Hammer’ chart pattern is discovered. The chart shows ‘Inverted Hammer’. this is a bullish signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Inverted Hammer’ heading up is 65% (Bull Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 98.01100 |
| 2nd High | 97.53600 |
| Next High | 97.14200 |
| Current Price | 96.81200 |
| Next Low | 95.90400 |
| 2nd Low | 95.65700 |
| 3rd Low | 95.31700 |
Trading Signals: FOREX – AUD – AUD/JPY – JPY – Inverted Hammer