AUD/JPY – 30M – SELLThe pair Australian Dollar/Japanese Yen (AUD/JPY) moves from the descending trendline down.
A continuation of the downtrend down to the next support line at 97.74000 is certain.
Caution: A possible reversal of the trend in the direction of resistance at 98.10000 is within the realm of possibility.
In case of a trade, appropriate stop-loss settings should be considered.
And also a ‘Bearish Engulfing’ candle pattern is found. The chart shows ‘Bearish Engulfing’. which is a bearish chart scenario. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 98.72700 |
| 2nd High | 98.23600 |
| Next High | 98.10000 |
| Current Price | 98.00400 |
| Next Low | 97.74000 |
| 2nd Low | 97.73700 |
| 3rd Low | 97.42700 |
Trading Signals: FOREX – AUD – AUD/JPY – JPY – Bearish Engulfing