Friday, 10 January 2014

AUDJPY formed head and shoulders neckline

The AUDJPY pair has actually been trading within a descending network over the previous 2 months. This is showing signs of continuing, with the presence of a head and shoulders formation indicating additional disadvantage over the coming period. The cost presently lives around that neckline and thus the coming candles can be vital to figuring out the future trend of the pair.

AUDJPY formed head and shoulders neckline

The daily plan shows that there has actually been a clear descending channel in presence, the top of which was reached earlier this week with the 200 day SMA offering resistance. The indications are that we are likely to remain to see the graph respect this pattern, hence showing continued selling. That being stated, the current level is essential in determining whether this will occur in the near term.

The 4 hour chart shows there has actually been a head and shoulders formation in play here, where the neckline is stood for by the green descending trend-line. This is also the level where the 100 SMA lies, hence offering further near term support. Eventually, I believe we will break this level, yet whether it is now or in a week I can not understand. Therefore ought to the rate break and close below the historic support of 92.9 (below 38.2 Fibonacci retracement, head & shoulders neckline and 100 dSMA), I would be trying to find a strong continuation to the drawback. My target would be for a technique back to 91.96 if this does happen. Otherwise, there is constantly a high probability that we could see the pair technique back towards the upside and trade within the variety seen throughout the past two months.

AUDJPY formed head and shoulders neckline

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