AUD/JPY – 1H – BUYThe combination Australian Dollar/Japanese Yen (AUD/JPY) moves from the ascending trendline downwards
A descending movement downwards to the next support at 97.42700 is considered certain.
Caution: A possible trend reversal in the direction of the resistance level at 98.73100 is within the realm of possibility.
In case of a trade, appropriate stop-loss settings should be considered.
Besides a ‘Matching Low’ candle pattern is discovered. The candles form ‘Matching Low’. 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 likelyhood of ‘Matching Low’ heading up is 61% (Bull & Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 101.02600 |
| 2nd High | 98.74700 |
| Next High | 98.73100 |
| Current Price | 97.70600 |
| Next Low | 97.42700 |
| 2nd Low | 95.79700 |
| 3rd Low | 95.61100 |
Trading Signals: FOREX – AUD – AUD/JPY – JPY – Matching Low