AUD/JPY – 30M – SELLThe currency pair Australian Dollar/Japanese Yen (AUD/JPY) moves from the ascending trendline down.
A bearish trend down to the next support level at 98.12700 is expected.
Caution: A possible trend reversal in the direction of the resistance level at 98.60800 could happen.
In case of a trade, appropriate stop-loss settings should be considered.
Besides a ‘Bearish Engulfing’ candle chart pattern is existing. The chart shows ‘Bearish Engulfing’. which is a negative chart scenario. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 100.30800 |
| 2nd High | 99.21500 |
| Next High | 98.60800 |
| Current Price | 98.51900 |
| Next Low | 98.12700 |
| 2nd Low | 97.70600 |
| 3rd Low | 97.62000 |
Trading Signals: FOREX – AUD – AUD/JPY – JPY – Bearish Engulfing