AUD/JPY – 4H – BUYThe currency pair Australian Dollar/Japanese Yen (AUD/JPY) moves from the bullish trendline downwards
A bearish movement down to the next support level at 95.98200 will continue.
Caution: A possible trend reversal in the direction of the resistance line at 97.79400 should always be considered.
In the case of a trade, always set appropriate stop-loss settings.
Moreover a ‘Bullish Engulfing’ chart pattern is existing. The candles form ‘Bullish Engulfing’. which is a positive chart scenario. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bullish Engulfing’ going up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 102.39800 |
| 2nd High | 101.55400 |
| Next High | 97.79400 |
| Current Price | 97.23900 |
| Next Low | 95.98200 |
| 2nd Low | 95.51400 |
| 3rd Low |
Trading Signals: FOREX – AUD – AUD/JPY – JPY – Bullish Engulfing