AUD/JPY – 4H – BUYThe currency pair Australian Dollar/Japanese Yen (AUD/JPY) moves from the ascending trendline downwards
A descent downwards to the next support at 92.11000 is considered certain.
Caution: A possible change in the direction of the resistance zone at 93.56100 is also possible.
Consider stop-loss settings accordingly.
Moreover a ‘On Neck’ chart pattern is discovered. The chart shows ‘On Neck’. which is a negative signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘On Neck’ heading down is 56% (Bull Market) & 58% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 95.39200 |
| 2nd High | 95.30700 |
| Next High | 93.56100 |
| Current Price | 93.09100 |
| Next Low | 92.11000 |
| 2nd Low | 90.58300 |
| 3rd Low | 89.63300 |
93.56100 – 92.21600 – 91.40300 – 92.11000 – 90.58300 – 89.63300