AUD/JPY – 30M – BUYThe combination Australian Dollar/Japanese Yen (AUD/JPY) breaks through the ascending trendline up.
A continuation of the upward movement up to the next resistance at 98.73100 is expected.
Caution: A possible reversal of the trend in the direction of the support level at 97.52200 could happen.
Consider stop-loss settings accordingly.
Then a ‘Bullish Engulfing’ candlestick pattern is discovered. The candles form ‘Bullish Engulfing’. this is a bullish pattern signal. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bullish Engulfing’ going up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 99.21500 |
| 2nd High | 98.74700 |
| Next High | 98.73100 |
| Current Price | 98.52900 |
| Next Low | 97.52200 |
| 2nd Low | 97.49000 |
| 3rd Low | 97.04900 |
Trading Signals: FOREX – AUD – AUD/JPY – JPY – Bullish Engulfing