AUD/JPY – 30M – SELLThe combination Australian Dollar/Japanese Yen (AUD/JPY) jumps from the bullish trendline down.
A bearish movement downwards to the next support at 97.00600 is likely expected.
Caution: A possible reversal of the trend in the direction of the resistance zone at 97.95600 could be enabled.
In case of a trade, appropriate stop-loss settings should be considered.
Also there is a ‘Bearish Engulfing’ candle pattern is found. The chart forms ‘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 probability of ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 98.74700 |
| 2nd High | 98.05700 |
| Next High | 97.95600 |
| Current Price | 97.69900 |
| Next Low | 97.00600 |
| 2nd Low | 96.95800 |
| 3rd Low | 96.64000 |
Trading Signals: FOREX – AUD – AUD/JPY – JPY – Bearish Engulfing