AUD/JPY – 4H – BUYThe combination Australian Dollar/Japanese Yen (AUD/JPY) jumps from the ascending trendline down.
A bearish movement downwards to the next support at 95.90400 is certain.
Caution: A possible reversal of the trend in the direction of the resistance level at 101.55400 is also possible.
Consider stop-loss settings accordingly.
Correction of the major bearish trend broke through the Fibonacci 0-Level.Continuation of the current ascending trend is certain. Target of the current trend is 97.436584 at the Fibonacci level 0.24-Level. Caution: A possible reversal of the trend in the direction of the resistance level at 101.55400 is also possible.
Consider stop-loss settings accordingly.
Also there is a ‘Three Outside Up’ candle pattern is discovered. The candles form ‘Three Outside Up’. 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 probability of ‘Three Outside Up’ going up is 75% (Bull Market) & 74% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 102.39800 |
| Next High | 101.55400 |
| Current Price | 97.18500 |
| Next Low | 95.90400 |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – AUD – AUD/JPY – JPY – Three Outside Up