AUD/JPY – 1H – BUYThe currency pair Australian Dollar/Japanese Yen (AUD/JPY) jumps from the bullish trendline down.
A bearish trend downwards 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 should always be considered.
Consider stop-loss settings accordingly.
Correction of the major bullish trend halted around the Fibonacci 0.5-Level.Continuation of the current ascending trend will continue. Current target is 97.25592 at the Fibonacci level 0.24-Level. Caution: A possible reversal of the trend in the direction of the resistance level at 97.14800 should always be considered.
Consider stop-loss settings accordingly.
Moreover a ‘Morning Doji Star’ chart pattern is discovered. The chart forms ‘Morning Doji Star’. which is a bullish pattern signal. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Morning Doji Star’ going up is 76% (Bull Market) & 71% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 98.01100 |
| 2nd High | 97.79400 |
| Next High | 97.14800 |
| Current Price | 97.03600 |
| Next Low | 96.44700 |
| 2nd Low | 95.61100 |
| 3rd Low | 95.51400 |
Trading Signals: FOREX – AUD – AUD/JPY – JPY – Morning Doji Star