AUD/JPY – 1H – BUYThe combination Australian Dollar/Japanese Yen (AUD/JPY) goes from the ascending trendline down.
A descending movement down to the next support level at 96.92900 will continue.
Caution: A possible reversal of the trend in the direction of the resistance line at 98.73100 could occur.
Please make appropriate stop-loss settings in the case of a trade.
Correction of the major bearish trend broke through the Fibonacci 0.5-Level.Continuation of the current ascending trend will continue. Current target is 98.345372 at the Fibonacci level 0.79-Level. Caution: A possible reversal of the trend in the direction of the resistance line at 98.73100 could occur.
Please make appropriate stop-loss settings in the case of a trade.
There is also a ‘Three Outside Up’ candle chart pattern is existing. The chart forms ‘Three Outside Up’. this is a bullish signal. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Three Outside Up’ going up is 75% (Bull Market) & 74% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 101.02600 |
| 2nd High | 98.74700 |
| Next High | 98.73100 |
| Current Price | 97.86700 |
| Next Low | 96.92900 |
| 2nd Low | 95.79700 |
| 3rd Low | 95.61100 |
Trading Signals: FOREX – AUD – AUD/JPY – JPY – Three Outside Up