AUD/JPY – 1H – BUYThe currency pair Australian Dollar/Japanese Yen (AUD/JPY) goes from the bullish trendline downwards
The bearish trend down to the next support at 97.00600 is expected.
Caution: A possible trend reversal in the direction of the resistance line at 98.34300 could be enabled.
Consider stop-loss settings accordingly.
Then a ‘Bullish Engulfing’ candle pattern is found. The chart shows ‘Bullish Engulfing’. which is a positive chart scenario. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bullish Engulfing’ heading up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 101.02600 |
| 2nd High | 98.74700 |
| Next High | 98.34300 |
| Current Price | 97.21400 |
| Next Low | 97.00600 |
| 2nd Low | 96.95800 |
| 3rd Low | 95.98200 |
Trading Signals: FOREX – AUD – AUD/JPY – JPY – Bullish Engulfing