AUD/JPY – 4H – BUYThe pair Australian Dollar/Japanese Yen (AUD/JPY) jumps from the descending trendline downwards
A continuation of the bearish trend down to the next support level at 95.98200 will persist.
Caution: A possible reversal of the trend in the direction of the resistance level at 98.05700 is also possible.
In the case of a trade, always set appropriate stop-loss settings.
Furthermore a ‘Matching Low’ candlestick chart pattern is discovered. The chart shows ‘Matching Low’. which is a positive signal. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Matching Low’ heading up is 61% (Bull & Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 102.39800 |
| 2nd High | 101.55400 |
| Next High | 98.05700 |
| Current Price | 97.67200 |
| Next Low | 95.98200 |
| 2nd Low | 95.51400 |
| 3rd Low |
Trading Signals: FOREX – AUD – AUD/JPY – JPY – Matching Low