AUD/JPY – 4H – BUYThe currency pair Australian Dollar/Japanese Yen (AUD/JPY) moves from the bullish trendline down.
A descending movement downwards to the next support line at 86.04000 is expected.
Caution: A possible counter-trend in the direction of the resistance line at 91.40300 is within the realm of possibility.
Consider stop-loss settings accordingly.
Correction of the major bearish trend halted around the Fibonacci 0.5-Level.Continuation of the current descending trend is expected. Current target is 88.247072 at the Fibonacci level 0.24-Level. Caution: A possible counter-trend in the direction of the support line at 91.40300 is within the realm of possibility.
Consider stop-loss settings accordingly.
Moreover a ‘Northern Doji’ candle pattern is detected. The candles form ‘Northern Doji’. which is a bullish pattern signal. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Northern Doji’ heading up is 52% (Bull Market) & 51% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 95.39200 |
| 2nd High | 95.30700 |
| Next High | 91.40300 |
| Current Price | 90.69000 |
| Next Low | 86.04000 |
| 2nd Low | |
| 3rd Low |
91.40300 – 91.31600 – 95.30700 – 86.04000 – 86.11200 – 93.04600
Trading Signals: FOREX – AUD – AUD/JPY – JPY – Northern Doji