AUD/JPY Ready to retest 83.700?
Chart: Daily time frame
Mode: Down trending market
AUD/JPY after a long bearish run saw prices last week pull back to retest a key
resistance zone around the 83.700 area. With increased volatility, we're likely to see
prices this week bounce off these key levels again before resuming its bearish trend.
Bearish Evidence:
1. 20 EMA Below 50 EMA
2. Daily candlestick high above 20 EMA
3. Daily candlestick open/close below 20 EMA
4. Price bounced of 83.700 resistance zone (red box)
Targets:
Short Term Target set for @ 80.735
Long Term Target set for @ 75.400
Mode: Down trending market
AUD/JPY after a long bearish run saw prices last week pull back to retest a key
resistance zone around the 83.700 area. With increased volatility, we're likely to see
prices this week bounce off these key levels again before resuming its bearish trend.
Bearish Evidence:
1. 20 EMA Below 50 EMA
2. Daily candlestick high above 20 EMA
3. Daily candlestick open/close below 20 EMA
4. Price bounced of 83.700 resistance zone (red box)
Targets:
Short Term Target set for @ 80.735
Long Term Target set for @ 75.400
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