AUD/JPY – 1H – SELLThe pair Australian Dollar/Japanese Yen (AUD/JPY) goes from the ascending trendline downwards
A bearish trend down to the next support line at 97.90200 will persist.
Caution: A possible reversal of the trend in the direction of resistance at 98.43800 is within the realm of possibility.
Consider stop-loss settings accordingly.
Next a ‘Bearish Engulfing’ chart pattern is found. The chart shows ‘Bearish Engulfing’. this is a bearish signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 98.74700 |
| 2nd High | 98.72700 |
| Next High | 98.43800 |
| Current Price | 98.10700 |
| Next Low | 97.90200 |
| 2nd Low | 97.74000 |
| 3rd Low | 97.73700 |
Trading Signals: FOREX – AUD – AUD/JPY – JPY – Bearish Engulfing