The combination Australian Dollar/Japanese Yen (AUD/JPY) jumps from the descending trendline down.
A continuation of the bearish trend down to the next support at 97.31700 is certain.
Caution: A possible trend reversal in the direction of resistance at 98.01100 should always be considered.
In the case of a trade, always set appropriate stop-loss settings.
Furthermore a ‘Three Black Crows’ chart pattern is existing. The candles form ‘Three Black Crows’. this is a bearish pattern signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Three Black Crows’ heading down is 82%.
Support & Resistance | Price Range* |
---|---|
3rd High | 98.74700 |
2nd High | 98.02700 |
Next High | 98.01100 |
Current Price | 96.61700 |
Next Low | 97.31700 |
2nd Low | 96.70700 |
3rd Low | 95.65700 |
Trading Signals: FOREX – AUD – AUD/JPY – JPY – Three Black Crows