AUD/JPY – 1H – BUYThe currency pair Australian Dollar/Japanese Yen (AUD/JPY) moves from the ascending trendline downwards
A bearish descent down to the next support at 96.92900 is certain.
Caution: A possible trend reversal in the direction of the resistance zone at 98.73100 should be noted.
Consider stop-loss settings accordingly.
Then a ‘Bullish Engulfing’ candlestick chart pattern is existing. The chart shows ‘Bullish Engulfing’. which is a positive chart scenario. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bullish Engulfing’ going up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 101.02600 |
| 2nd High | 98.74700 |
| Next High | 98.73100 |
| Current Price | 97.40000 |
| Next Low | 96.92900 |
| 2nd Low | 95.79700 |
| 3rd Low | 95.61100 |
Trading Signals: FOREX – AUD – AUD/JPY – JPY – Bullish Engulfing