AUD/JPY – 1H – BUYThe pair Australian Dollar/Japanese Yen (AUD/JPY) moves from the descending trendline down.
A continuation of the downtrend down to the next support at 96.92900 is certain.
Caution: A possible change in the direction of the resistance line at 97.92300 should be noted.
In case of a trade, appropriate stop-loss settings should be considered.
Then a ‘Three Outside Up’ candlestick chart pattern is discovered. The candles show ‘Three Outside Up’. which is a positive pattern signal. 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’ going up is 75% (Bull Market) & 74% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 98.74700 |
| 2nd High | 98.73100 |
| Next High | 97.92300 |
| Current Price | 97.57900 |
| Next Low | 96.92900 |
| 2nd Low | 95.79700 |
| 3rd Low | 95.61100 |
Trading Signals: FOREX – AUD – AUD/JPY – JPY – Three Outside Up