AUD/JPY – 30M – BUYThe combination Australian Dollar/Japanese Yen (AUD/JPY) jumps from the bullish trendline down.
A descending movement down to the next support at 97.52200 is likely expected.
Caution: A possible counter-trend in the direction of the resistance level at 98.73100 could be enabled.
In case of a trade, appropriate stop-loss settings should be considered.
Then a ‘Hammer’ candle pattern is detected. The candles form ‘Hammer’. 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 success rate of a ‘Hammer’ heading up is 60% (Bull Market) & 59% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 99.21500 |
| 2nd High | 98.74700 |
| Next High | 98.73100 |
| Current Price | 98.58800 |
| Next Low | 97.52200 |
| 2nd Low | 97.49000 |
| 3rd Low | 97.04900 |