AUD/JPY – 1H – SELLThe combination Australian Dollar/Japanese Yen (AUD/JPY) goes from the descending trendline down.
A continuation of the downtrend down to the next support line at 97.74000 is considered certain.
Caution: A possible counter-trend in the direction of the resistance line at 98.72700 could be enabled.
Please make appropriate stop-loss settings in the case of a trade.
Also there is a ‘Bearish Engulfing’ candle chart pattern is existing. The candles form ‘Bearish Engulfing’. which is a bearish signal. The currency pair is likely to fall. 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 | 101.02600 |
| 2nd High | 98.74700 |
| Next High | 98.72700 |
| Current Price | 97.96100 |
| Next Low | 97.74000 |
| 2nd Low | 97.73700 |
| 3rd Low | 97.42700 |
Trading Signals: FOREX – AUD – AUD/JPY – JPY – Bearish Engulfing