AUD/JPY – 30M – SELLThe pair Australian Dollar/Japanese Yen (AUD/JPY) jumps from the descending trendline down.
A continuation of the downtrend downwards to the next support at 97.29300 is expected.
Caution: A possible reversal of the trend in the direction of the resistance line at 98.73100 should be noted.
Please make appropriate stop-loss settings in the case of a trade.
Furthermore a ‘Two Crows’ candlestick chart pattern is found. The chart forms ‘Two Crows’. this is a bearish chart scenario. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Two Crows’ going down is 54% (Bull Market) & 58% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 99.21500 |
| 2nd High | 98.74700 |
| Next High | 98.73100 |
| Current Price | 97.28300 |
| Next Low | 97.29300 |
| 2nd Low | 95.79700 |
| 3rd Low | 95.61100 |