AUD/JPY 4H Chart: Junior Rebound Occurring
The Australian Dollar is trading in an ascending channel pattern against the Japanese Yen. The channel represents the pairs rebound against the combined support of two more dominant support levels.
In regards to the short term, the pair is set to continue to be influenced by the various pivot point levels until the junior channel together with the various four hour SMAs push it to the resistance of the medium dominant channel down pattern.
However, the outlook afterwards is quite unclear, as the medium pattern represents a bounce off on a much larger scale.
In regards to the short term, the pair is set to continue to be influenced by the various pivot point levels until the junior channel together with the various four hour SMAs push it to the resistance of the medium dominant channel down pattern.
However, the outlook afterwards is quite unclear, as the medium pattern represents a bounce off on a much larger scale.
Trade closed: target reached:
On the chart shown one can still see the previous ascending channel pattern, which was broken due to bouncing off the resistance of a dominant channel down pattern.
As a result of the bounce off the pair started forming a channel down pattern, which can be mapped only now, as the par has made a sudden stop below the 87.40 mark. Meanwhile, it has to be noted that the pair passed a rather dominant support line during the decline.
In regards to the future outlook, the pair is set to continue the decline in accordance with the newly discovered channel and slowly pass various weekly and monthly support levels until it reaches the lower trend line of the dominant channel near 86.40.
On the chart shown one can still see the previous ascending channel pattern, which was broken due to bouncing off the resistance of a dominant channel down pattern.
As a result of the bounce off the pair started forming a channel down pattern, which can be mapped only now, as the par has made a sudden stop below the 87.40 mark. Meanwhile, it has to be noted that the pair passed a rather dominant support line during the decline.
In regards to the future outlook, the pair is set to continue the decline in accordance with the newly discovered channel and slowly pass various weekly and monthly support levels until it reaches the lower trend line of the dominant channel near 86.40.
Comment:
The Australian Dollar has continued to decline against the Japanese Yen. However, the previously drawn junior channel down pattern was broken, as the pair has once more reconfirmed the upper trend line of the medium scale channel.
Most recently the currency exchange rate stopped at the support of the weekly S1, which is located at the 86.63 level. Most likely the pair is going to soon pass this support and then continue its decline to the next support at the 86.26 level. There the lone weekly S2 is located at.
Moreover, it seems that the pair should decline until the end of November.
Most recently the currency exchange rate stopped at the support of the weekly S1, which is located at the 86.63 level. Most likely the pair is going to soon pass this support and then continue its decline to the next support at the 86.26 level. There the lone weekly S2 is located at.
Moreover, it seems that the pair should decline until the end of November.
The AUD/JPY currency exchange rate is another one of the pairs, which has changed its direction on a large scale following the recovery of the Japanese Yen. In general, the pair is set to decline. On various scales the pair is downwards aimed patterns.
Meanwhile, regarding the short term, the currency exchange rate is set to face the combined support of the 55-period SMA at the 87.40 mark and the weekly pivot point at 87.36.
Afterwards, a free range down to the 85.63 level, where the weekly S1 is located at will be free for the bears to take.