AUDJPY Long Term Outlook & Levels

FX:AUDJPY   Australian Dollar/Japanese Yen
201 0 9
THE BIG PICTURE: An aggressive move from point A to B is projected off point C with the fib extension tool to find point D where symmetry suggests that there will be a culmination of the down trend should the double top at level C hold. A double top at Point C suggests more downside is imminent. Symmetry is visible when taking the fib extension tool. Start the tool measuring segment w to x and projecting the fib tool from point y which should give a level around point z to determine a line in the sand.

THE TECHNICAL STANDPOINT: Recent developments for this pair show a double top around point C, but that is just a failure to overcome the previous highs from 2007. So keep in mind that the recent double top is falling short of the old high with is a sign of weakness in itself. Second that with the double top itself and the minor symmetrical resistance developing at point y, it seems like the factors for the short side are in alignment. For the trigger keep the lower time frames in mind that a move down through 86 will trigger the long term shor            
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