AUD/JPY – 1H – SELLThe combination Australian Dollar/Japanese Yen (AUD/JPY) moves from the bearish trendline downwards
A continuation of the downward movement down to the next support at 97.90200 is certain.
Caution: A possible counter-trend in the direction of the resistance line at 98.43800 could happen.
In case of a trade, appropriate stop-loss settings should be considered.
Furthermore a ‘Bearish Engulfing’ candle chart pattern is discovered. The candles form ‘Bearish Engulfing’. which is a bearish pattern signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 98.74700 |
| 2nd High | 98.72700 |
| Next High | 98.43800 |
| Current Price | 98.28200 |
| Next Low | 97.90200 |
| 2nd Low | 97.74000 |
| 3rd Low | 97.73700 |
Trading Signals: FOREX – AUD – AUD/JPY – JPY – Bearish Engulfing