AUD/JPY – 1H – SELLThe pair Australian Dollar/Japanese Yen (AUD/JPY) moves from the descending trendline down.
A continuation of the bearish trend downwards to the next support level at 97.90200 will persist.
Caution: A possible trend reversal in the direction of the resistance level at 98.40500 is also possible.
In the case of a trade, always set appropriate stop-loss settings.
And also a ‘Three Inside Down’ chart pattern is found. The chart forms ‘Three Inside Down’. which is a negative chart scenario. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Three Inside Down’ going down is 60% (Bull Market) & 63% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 98.72700 |
| 2nd High | 98.43800 |
| Next High | 98.40500 |
| Current Price | 98.03300 |
| Next Low | 97.90200 |
| 2nd Low | 97.74000 |
| 3rd Low | 97.73700 |
Trading Signals: FOREX – AUD – AUD/JPY – JPY – Three Inside Down