AUD/JPY – 30M – BUYThe currency pair Australian Dollar/Japanese Yen (AUD/JPY) moves from the descending trendline downwards
A continuation of the downward movement down to the next support level at 86.64500 is certain.
Caution: A possible change in the direction of the resistance zone at 90.36800 is within the realm of possibility.
Consider stop-loss settings accordingly.
There is also a ‘Inverted Hammer’ candle chart pattern is existing. The chart shows ‘Inverted Hammer’. this is a bullish signal. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Inverted Hammer’ heading up is 65% (Bull Market).
There is also a ‘Double top chart pattern’ chart layout is found. The chart picture forms ‘Double top chart pattern’. which is a bearish signal. The currency pair is likely to fall.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 91.31600 |
| 2nd High | 91.10100 |
| Next High | 90.36800 |
| Current Price | 88.90100 |
| Next Low | 86.64500 |
| 2nd Low | 86.04000 |
| 3rd Low |
90.36800 – 91.10100 – 91.31600 – 88.90600 – 89.75500 – 86.64500
Trading Signals: FOREX – AUD – AUD/JPY – JPY – Inverted Hammer