AUD/JPY – 30M – SELLThe currency pair Australian Dollar/Japanese Yen (AUD/JPY) moves from the descending trendline down.
A continuation of the downward movement down to the next support level at 97.73700 will persist.
Caution: A possible counter-trend in the direction of resistance at 98.23600 is within the realm of possibility.
In case of a trade, appropriate stop-loss settings should be considered.
Then a ‘Bearish Engulfing’ candlestick pattern is found. The candles show ‘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 likelyhood of ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 98.74700 |
| 2nd High | 98.72700 |
| Next High | 98.23600 |
| Current Price | 97.84700 |
| Next Low | 97.73700 |
| 2nd Low | 97.42700 |
| 3rd Low | 95.79700 |
Trading Signals: FOREX – AUD – AUD/JPY – JPY – Bearish Engulfing