AUD/JPY – 30M – BUYThe currency pair Australian Dollar/Japanese Yen (AUD/JPY) moves from the bullish trendline downwards
A bearish descent downwards to the next support level at 97.52200 is expected.
Caution: A possible counter-trend in the direction of the resistance zone at 98.65600 is within the realm of possibility.
In the case of a trade, always set appropriate stop-loss settings.
Moreover a ‘Bullish Engulfing’ candle pattern is existing. The chart shows ‘Bullish Engulfing’. this 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 ‘Bullish Engulfing’ heading up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 99.21500 |
| 2nd High | 99.16100 |
| Next High | 98.65600 |
| Current Price | 98.13600 |
| Next Low | 97.52200 |
| 2nd Low | 97.49000 |
| 3rd Low | 97.04900 |
Trading Signals: FOREX – AUD – AUD/JPY – JPY – Bullish Engulfing