AUD/JPY – 1H – BUYThe pair Australian Dollar/Japanese Yen (AUD/JPY) jumps from the ascending trendline downwards
A bearish trend down to the next support line at 97.42700 is considered certain.
Caution: A possible change in the direction of the resistance line at 98.72700 should be noted.
Please make appropriate stop-loss settings in the case of a trade.
Moreover a ‘Bullish Meeting Lines’ candle chart pattern is discovered. The candles form ‘Bullish Meeting Lines’. which is a positive chart scenario. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bullish Meeting Lines’ heading up is 56% (Bull Market) & 52% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 101.02600 |
| 2nd High | 98.74700 |
| Next High | 98.72700 |
| Current Price | 98.06700 |
| Next Low | 97.42700 |
| 2nd Low | 95.79700 |
| 3rd Low | 95.61100 |
Trading Signals: FOREX – AUD – AUD/JPY – JPY – Bullish Meeting Lines