AUD/JPY – 1H – SELLThe combination Australian Dollar/Japanese Yen (AUD/JPY) moves from the descending trendline down.
A continuation of the downward movement down to the next support line at 95.51400 is expected.
Caution: A possible change in the direction of the resistance zone at 97.08000 should be noted.
Consider stop-loss settings accordingly.
Correction of the major bearish trend halted around the Fibonacci 0.24-Level.Continuation of the current descending trend is expected. Target of the current trend is 95.514 at the Fibonacci level 0-Level. Caution: A possible change in the direction of the support zone at 97.08000 should be noted.
Consider stop-loss settings accordingly.
In addition a ‘Bearish Engulfing’ chart pattern is found. The candles show ‘Bearish Engulfing’. which is a bearish chart scenario. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 97.53600 |
| 2nd High | 97.14200 |
| Next High | 97.08000 |
| Current Price | 95.74300 |
| Next Low | 95.51400 |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – AUD – AUD/JPY – JPY – Bearish Engulfing