AUD/JPY – 1H – BUYThe combination Australian Dollar/Japanese Yen (AUD/JPY) moves from the ascending trendline downwards
A descending movement down to the next support at 97.70600 will continue.
Caution: A possible reversal of the trend in the direction of the resistance level at 98.74700 could happen.
Please make appropriate stop-loss settings in the case of a trade.
Moreover a ‘Bullish Engulfing’ chart pattern is found. The chart forms ‘Bullish Engulfing’. this is a bullish signal. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Bullish Engulfing’ going up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 101.55400 |
| 2nd High | 101.02600 |
| Next High | 98.74700 |
| Current Price | 97.78100 |
| Next Low | 97.70600 |
| 2nd Low | 97.62000 |
| 3rd Low | 96.70700 |
Trading Signals: FOREX – AUD – AUD/JPY – JPY – Bullish Engulfing