AUD/JPY – 1H – BUYThe currency pair Australian Dollar/Japanese Yen (AUD/JPY) breaks through the descending trendline upwards
An ascending movement upwards to the next resistance line at 98.43800 is likely expected.
Caution: A possible counter-trend in the direction of the support line at 97.74000 is within the realm of possibility.
Please make appropriate stop-loss settings in the case of a trade.
Then a ‘Three Outside Up’ candlestick pattern is found. The chart shows ‘Three Outside Up’. which is a bullish chart scenario. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Three Outside Up’ heading up is 75% (Bull Market) & 74% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 98.74700 |
| 2nd High | 98.72700 |
| Next High | 98.43800 |
| Current Price | 98.26500 |
| Next Low | 97.74000 |
| 2nd Low | 97.73700 |
| 3rd Low | 97.42700 |
Trading Signals: FOREX – AUD – AUD/JPY – JPY – Three Outside Up