AUD/JPY – 1H – SELLThe pair Australian Dollar/Japanese Yen (AUD/JPY) jumps from the descending trendline downwards
A continuation of the downtrend downwards to the next support level at 96.33100 is certain.
Caution: A possible change in the direction of the resistance zone at 97.08000 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 certain. Current target is 96.289152 at the Fibonacci level 0.24-Level. Caution: A possible change in the direction of the support level at 97.08000 is within the realm of possibility.
Consider stop-loss settings accordingly.
Besides a ‘Three Outside Down’ candle chart pattern is detected. The candles show ‘Three Outside Down’. which is a bearish signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Three Outside Down’ heading down is 69% (Bull Market) & 70% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 97.53600 |
| 2nd High | 97.14200 |
| Next High | 97.08000 |
| Current Price | 96.37600 |
| Next Low | 96.33100 |
| 2nd Low | 95.90400 |
| 3rd Low |
Trading Signals: FOREX – AUD – AUD/JPY – JPY – Three Outside Down