AUD/JPY – 30M – BUYThe pair Australian Dollar/Japanese Yen (AUD/JPY) jumps from the bearish trendline down.
A continuation of the bearish trend down to the next support level at 96.44700 will continue.
Caution: A possible reversal of the trend in the direction of the resistance level at 97.14800 is also possible.
In case of a trade, appropriate stop-loss settings should be considered.
Additionally a ‘Three Outside Down’ candle pattern is existing. The chart forms ‘Three Outside Down’. this is a bearish chart scenario. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Three Outside Down’ heading down is 69% (Bull Market) & 70% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 98.01100 |
| 2nd High | 97.79400 |
| Next High | 97.14800 |
| Current Price | 96.92800 |
| Next Low | 96.44700 |
| 2nd Low | 95.61100 |
| 3rd Low | 95.51400 |
Trading Signals: FOREX – AUD – AUD/JPY – JPY – Three Outside Down