AUD/JPY – 1H – BUYThe currency pair Australian Dollar/Japanese Yen (AUD/JPY) jumps from the descending trendline down.
A continuation of the downtrend downwards to the next support level at 92.21400 is certain.
Caution: A possible reversal of the trend in the direction of the resistance zone at 93.33600 is also possible.
In the case of a trade, always set appropriate stop-loss settings.
Also there is a ‘On Neck’ candlestick chart pattern is discovered. The candles show ‘On Neck’. this is a bearish chart scenario. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘On Neck’ heading down is 56% (Bull Market) & 58% (Bear Market).
Also there is a ‘Resistance Level’ indicator signal is detected. The indicator shows ‘Resistance Level’. which could be a negative signal. The currency pair is likely to fall.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 95.30700 |
| 2nd High | 93.56100 |
| Next High | 93.33600 |
| Current Price | 93.09100 |
| Next Low | 92.21400 |
| 2nd Low | 92.11000 |
| 3rd Low | 90.69100 |
93.33600 – 93.56100 – 93.47600 – 92.21400 – 92.11000 – 92.84100