AUD/JPY – 30M – BUYThe combination Australian Dollar/Japanese Yen (AUD/JPY) goes from the ascending trendline down.
The bearish trend downwards to the next support at 96.37300 will persist.
Caution: A possible reversal of the trend in the direction of the resistance zone at 97.69600 should be noted.
In the case of a trade, always set appropriate stop-loss settings.
Additionally a ‘Inverted Hammer’ candle chart pattern is discovered. The chart forms ‘Inverted Hammer’. which is a positive chart scenario. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Inverted Hammer’ going up is 65% (Bull Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 98.49900 |
| 2nd High | 98.19400 |
| Next High | 97.69600 |
| Current Price | 97.42000 |
| Next Low | 96.37300 |
| 2nd Low | 95.79700 |
| 3rd Low | 95.61100 |
Trading Signals: FOREX – AUD – AUD/JPY – JPY – Inverted Hammer