AUD/JPY – 1H – SELLThe pair Australian Dollar/Japanese Yen (AUD/JPY) moves from the ascending trendline down.
The bearish trend downwards to the next support at 96.26700 is certain.
Caution: A possible trend reversal in the direction of resistance at 98.01100 is also possible.
Consider stop-loss settings accordingly.
Next a ‘Bearish Engulfing’ chart pattern is discovered. The candles show ‘Bearish Engulfing’. which is a bearish chart scenario. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 98.74700 |
| 2nd High | 98.02700 |
| Next High | 98.01100 |
| Current Price | 97.05200 |
| Next Low | 96.26700 |
| 2nd Low | 95.65700 |
| 3rd Low | 95.31700 |
Trading Signals: FOREX – AUD – AUD/JPY – JPY – Bearish Engulfing