AUD/JPY – 30M – BUYThe pair Australian Dollar/Japanese Yen (AUD/JPY) breaks through the bearish trendline up.
An ascending movement upwards to the next resistance at 98.49900 is likely expected.
Caution: A possible trend reversal in the direction of support at 97.66400 should always be considered.
Please make appropriate stop-loss settings in the case of a trade.
Moreover a ‘Three Outside Up’ candlestick pattern is existing. The chart forms ‘Three Outside Up’. this is a bullish signal. The currency 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 | 99.16100 |
| 2nd High | 98.65600 |
| Next High | 98.49900 |
| Current Price | 98.15300 |
| Next Low | 97.66400 |
| 2nd Low | 97.52200 |
| 3rd Low | 97.49000 |
Trading Signals: FOREX – AUD – AUD/JPY – JPY – Three Outside Up