AUD/JPY – 1H – BUYThe combination Australian Dollar/Japanese Yen (AUD/JPY) breaks through the descending trendline upwards
The bullish trend upwards to the next resistance line at 93.92400 is expected.
Caution: A possible trend reversal in the direction of support at 93.04600 is within the realm of possibility.
Consider stop-loss settings accordingly.
Next a ‘Bullish Belt Hold’ chart pattern is existing. The candles form ‘Bullish Belt Hold’. which is a bullish signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bullish Belt Hold’ going up is 71% (Bull Market) & 71% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 95.39200 |
| 2nd High | 95.11300 |
| Next High | 93.92400 |
| Current Price | 93.92400 |
| Next Low | 93.04600 |
| 2nd Low | 92.53000 |
| 3rd Low | 91.81600 |
93.92400 – 95.11300 – 95.39200 – 93.04600 – 94.41400 – 94.25600
Trading Signals: FOREX – AUD – AUD/JPY – JPY – Bullish Belt Hold