AUD/JPY – 1H – BUYThe currency pair Australian Dollar/Japanese Yen (AUD/JPY) moves from the bullish trendline down.
The bearish trend down to the next support at 97.66400 is likely expected.
Caution: A possible change in the direction of the resistance level at 98.49900 should be noted.
Consider stop-loss settings accordingly.
Also there is a ‘Hammer’ candlestick pattern is discovered. The chart forms ‘Hammer’. which is a bullish signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Hammer’ heading up is 60% (Bull Market) & 59% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 101.02600 |
| 2nd High | 99.16100 |
| Next High | 98.49900 |
| Current Price | 97.77700 |
| Next Low | 97.66400 |
| 2nd Low | 97.49000 |
| 3rd Low | 97.04900 |