AUD/JPY – 30M – SELLThe pair Australian Dollar/Japanese Yen (AUD/JPY) goes from the descending trendline down.
A continuation of the downtrend down to the next support at 97.31700 is expected.
Caution: A possible reversal of the trend in the direction of the resistance line at 98.02700 is also possible.
In case of a trade, appropriate stop-loss settings should be considered.
Besides 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 success rate of a ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 99.21500 |
| 2nd High | 98.74700 |
| Next High | 98.02700 |
| Current Price | 97.83200 |
| Next Low | 97.31700 |
| 2nd Low | 96.70700 |
| 3rd Low | 95.65700 |
Trading Signals: FOREX – AUD – AUD/JPY – JPY – Bearish Engulfing