AUD/JPY – 1H – SELLThe pair Australian Dollar/Japanese Yen (AUD/JPY) moves from the bullish trendline down.
A bearish descent down to the next support at 97.62600 will persist.
Caution: A possible trend reversal in the direction of the resistance level at 98.19700 is also possible.
Please make appropriate stop-loss settings in the case of a trade.
In addition a ‘Bearish Engulfing’ chart pattern is existing. The candles form ‘Bearish Engulfing’. 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 success rate of a ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 101.02600 |
| 2nd High | 98.74700 |
| Next High | 98.19700 |
| Current Price | 98.03800 |
| Next Low | 97.62600 |
| 2nd Low | 97.54200 |
| 3rd Low | 97.00600 |
Trading Signals: FOREX – AUD – AUD/JPY – JPY – Bearish Engulfing