ChaosTrader63

AUD vs JPY 4 hour time frame 10-10-13

FX:AUDJPY   Australian Dollar/Japanese Yen
169 0 1
In this corner we have the AUD vs JPY 4 hour time frame! As we walk through the chart we can see price falling down below both the 100 SMA (blue line) and the 200 SMA (green line) to the 86.50 mark and finding support at that level where it eventually formed a double bottom. Price was unable to violate the level and proceeded on a bullish trend . Price topped out at a high of 95.50. The Williams % R showed bearish divergence against price and you see price falling and breaking the 100 SMA before finding support against the 200 SMA . You can see how many times price attempted to violate the 200 SMA level but was unable to do it. Price has since started moving away from the 200 SMA and violated the 100 SMA on it move upwards. I am expecting price to pull back possibly to the 100 SMA or lower around the 92.0 level before pushing on wards to the target level @ 94.20 You can notice the longer term momentum of the 200 SMA is bullish with the medium term momentum of the 100 SMA beginning to become bullish again. With price above both MA's I am expecting it to continue to the target as mentioned. Have a great trading day and God bless!
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