AUD/JPY – 30M – BUYThe combination Australian Dollar/Japanese Yen (AUD/JPY) moves from the descending trendline down.
A continuation of the bearish trend downwards to the next support at 92.21400 is likely expected.
Caution: A possible change in the direction of the resistance zone at 92.76300 is within the realm of possibility.
Please make appropriate stop-loss settings in the case of a trade.
Then a ‘Tweezers Top’ chart pattern is detected. The candles show ‘Tweezers Top’. which is a negative pattern signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Tweezers Top’ heading down is 56% (Bull Market) & 55% (Bear Market).
Then a ‘Resistance Level’ indicator signal is discovered. The indicator shows ‘Resistance Level’. which could be a negative chart scenario. The currency pair is likely to fall.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 93.33600 |
| 2nd High | 92.92000 |
| Next High | 92.76300 |
| Current Price | 92.66600 |
| Next Low | 92.21400 |
| 2nd Low | 92.11000 |
| 3rd Low | 92.02300 |
92.76300 – 92.92000 – 93.33600 – 92.21400 – 92.60500 – 92.40600
Trading Signals: FOREX – AUD – AUD/JPY – JPY – Tweezers Top