AUD/JPY – 30M – BUYThe currency pair Australian Dollar/Japanese Yen (AUD/JPY) jumps from the ascending trendline down.
The bearish trend downwards to the next support line at 96.16000 is certain.
Caution: A possible reversal of the trend in the direction of the resistance zone at 97.53600 could occur.
Consider stop-loss settings accordingly.
Also there is a ‘Bullish Engulfing’ candlestick pattern is detected. The candles form ‘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 likelyhood of ‘Bullish Engulfing’ heading up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 98.02700 |
| 2nd High | 98.01100 |
| Next High | 97.53600 |
| Current Price | 97.03800 |
| Next Low | 96.16000 |
| 2nd Low | 95.65700 |
| 3rd Low | 95.31700 |
Trading Signals: FOREX – AUD – AUD/JPY – JPY – Bullish Engulfing