AUD/JPY – 1H – BUYThe currency pair Australian Dollar/Japanese Yen (AUD/JPY) jumps from the bearish trendline downwards
A continuation of the downward movement downwards to the next support at 97.74000 is likely expected.
Caution: A possible trend reversal in the direction of resistance at 98.23600 is within the realm of possibility.
Please make appropriate stop-loss settings in the case of a trade.
Besides a ‘Bullish Engulfing’ chart pattern is detected. The chart forms ‘Bullish Engulfing’. which is a positive signal. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bullish Engulfing’ heading up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 98.74700 |
| 2nd High | 98.72700 |
| Next High | 98.23600 |
| Current Price | 98.09100 |
| Next Low | 97.74000 |
| 2nd Low | 97.73700 |
| 3rd Low | 97.42700 |
Trading Signals: FOREX – AUD – AUD/JPY – JPY – Bullish Engulfing