AUD/JPY – 1H – BUYCorrection of the major bearish trend halted around the Fibonacci 0.5-Level.Continuation of the current descending trend is likely expected. Current target is 97.7338 at the Fibonacci level 0.24-Level. Caution: A possible reversal of the trend in the direction of the support level at 98.40500 could occur.
In the case of a trade, always set appropriate stop-loss settings.
Moreover a ‘Matching Low’ candle chart pattern is discovered. The candles show ‘Matching Low’. which is a bullish chart scenario. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Matching Low’ heading up is 61% (Bull & Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 98.72700 |
| 2nd High | 98.43800 |
| Next High | 98.40500 |
| Current Price | 97.99700 |
| Next Low | 97.90200 |
| 2nd Low | 97.74000 |
| 3rd Low | 97.73700 |
Trading Signals: FOREX – AUD – AUD/JPY – JPY – Matching Low