AUD/JPY – 30M – BUYThe combination Australian Dollar/Japanese Yen (AUD/JPY) jumps from the bullish trendline down.
A bearish descent down to the next support line at 97.86300 is expected.
Caution: A possible change in the direction of the resistance level at 98.72700 is within the realm of possibility.
Consider stop-loss settings accordingly.
In addition a ‘Three Outside Up’ candle chart pattern is existing. The candles form ‘Three Outside Up’. which is a bullish pattern signal. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Three Outside Up’ heading up is 75% (Bull Market) & 74% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 99.21500 |
| 2nd High | 98.74700 |
| Next High | 98.72700 |
| Current Price | 98.35800 |
| Next Low | 97.86300 |
| 2nd Low | 97.77900 |
| 3rd Low | 97.74000 |
Trading Signals: FOREX – AUD – AUD/JPY – JPY – Three Outside Up