AUD/JPY – 30M – SELLThe combination Australian Dollar/Japanese Yen (AUD/JPY) moves from the bearish trendline downwards
A continuation of the bearish trend downwards to the next support at 97.34400 will continue.
Caution: A possible counter-trend in the direction of the resistance level at 97.88600 could occur.
In case of a trade, appropriate stop-loss settings should be considered.
Moreover a ‘Bearish Engulfing’ candlestick pattern is detected. The chart forms ‘Bearish Engulfing’. which is a negative chart scenario. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 98.19400 |
| 2nd High | 97.95200 |
| Next High | 97.88600 |
| Current Price | 97.71000 |
| Next Low | 97.34400 |
| 2nd Low | 96.37300 |
| 3rd Low | 95.79700 |
Trading Signals: FOREX – AUD – AUD/JPY – JPY – Bearish Engulfing