AUDJPY support and direction can’t get clearer than this
Based on a monthly chart going back to 2010, AUDJPY has clear distinct levels and is breaking down systematically. Here it has clear proposition to test 52-week low at 80.50. After 80, 74 becomes an attractive proposition.
I discussed AUDJPY in these two posts ‘These patterns you can’t miss AUDUSD, AUDJPY, SG30‘ and ‘Watch AUDJPY for a continuation of this pattern and its implications‘.
The message was quite clear where resistance was. Once this resistance is loud and clear, buy or sell proposition also became clear. I posted this below. In the last I emphasised that looking at AUDJPY, bullish cannot describe the pair.
- Big trend is down.
- No reversal visible.
- Clearly defined resistance.
However I look at these 3 charts of AUDUSD, AUDJPY and SG30, bullish is not the word to describe.
This is what AUDJPY looks like right now.
This is a monthly chart. This chart shows that AUDJPY now has 4 months of overhead resistance on top (see green zone, tackled in previous post) and is perched on the old 52-week low printed last year. If this level is decisively broken, then this year’s low at 80.50 and then 74~ becomes attractive.
Director, TerraSeeds Market Technician Pte Ltd. Trader, investor. @sohtionghum was picked ‘Top 70 Forex Twitter in 2015’. Operates multiple strategies.
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