AUD/JPY – 30M – BUYThe combination Australian Dollar/Japanese Yen (AUD/JPY) breaks through the bearish trendline up.
An ascent up to the next resistance at 97.14800 is expected.
Caution: A possible trend reversal in the direction of support at 96.81900 should always be considered.
Please make appropriate stop-loss settings in the case of a trade.
Correction of the major bullish trend halted around the Fibonacci 0.5-Level.Continuation of the current ascending trend is expected. Target of the current trend is 97.25592 at the Fibonacci level 0.24-Level. Caution: A possible trend reversal in the direction of the resistance line at 97.14800 should always be considered.
Please make appropriate stop-loss settings in the case of a trade.
Also there is a ‘Three Outside Up’ candlestick chart pattern is found. The chart forms ‘Three Outside Up’. which is a positive signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Three Outside Up’ heading up is 75% (Bull Market) & 74% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 98.01100 |
| 2nd High | 97.79400 |
| Next High | 97.14800 |
| Current Price | 96.90100 |
| Next Low | 96.81900 |
| 2nd Low | 96.44700 |
| 3rd Low | 95.61100 |
Trading Signals: FOREX – AUD – AUD/JPY – JPY – Three Outside Up