AUD/JPY – 1H – BUYThe combination Australian Dollar/Japanese Yen (AUD/JPY) goes from the bullish trendline downwards
A descending movement downwards to the next support line at 96.26700 is considered certain.
Caution: A possible trend reversal in the direction of resistance at 98.01100 could be enabled.
Consider stop-loss settings accordingly.
Then a ‘Bullish Engulfing’ candle chart pattern is found. The candles show ‘Bullish Engulfing’. which is a bullish signal. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bullish Engulfing’ going up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 98.74700 |
| 2nd High | 98.02700 |
| Next High | 98.01100 |
| Current Price | 97.08800 |
| Next Low | 96.26700 |
| 2nd Low | 95.65700 |
| 3rd Low | 95.31700 |
Trading Signals: FOREX – AUD – AUD/JPY – JPY – Bullish Engulfing