AUD/JPY – 1H – BUYThe combination Australian Dollar/Japanese Yen (AUD/JPY) moves from the bearish trendline downwards
A continuation of the downward movement down to the next support at 95.61100 is expected.
Caution: A possible trend reversal in the direction of the resistance zone at 97.79400 should always be considered.
Consider stop-loss settings accordingly.
And also a ‘Bullish Engulfing’ candle pattern is detected. The chart forms ‘Bullish Engulfing’. which is a bullish signal. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bullish Engulfing’ going up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 98.02700 |
| 2nd High | 98.01100 |
| Next High | 97.79400 |
| Current Price | 96.53700 |
| Next Low | 95.61100 |
| 2nd Low | 95.51400 |
| 3rd Low |
Trading Signals: FOREX – AUD – AUD/JPY – JPY – Bullish Engulfing