AUD/JPY price action has outlined what looks to be a Pennant Pattern shown here on the 4Hr chart.
Pennant patterns are made up of a Lower Highs and Higher Lows into a "Pinch Point". These patterns, given the right circumstances, break Bullish OR Bearish so its important to monitor price while its in "No Mans Land" and WAIT FOR THE PROPER BREAK so the market shows its hands and direction!
Fundamentally, AUD has a heavy news day with CPI and Gov Bullock speaking on Tuesday along with JPY having its Tokyo Core CPI on Thursday!
*BEWARE OF FALSE BREAKS!!!
Pennant patterns are made up of a Lower Highs and Higher Lows into a "Pinch Point". These patterns, given the right circumstances, break Bullish OR Bearish so its important to monitor price while its in "No Mans Land" and WAIT FOR THE PROPER BREAK so the market shows its hands and direction!
Fundamentally, AUD has a heavy news day with CPI and Gov Bullock speaking on Tuesday along with JPY having its Tokyo Core CPI on Thursday!
*BEWARE OF FALSE BREAKS!!!
Comment:
Price is giving the Falling Resistance quite a fight! Possibly looking for a BULLISH BREAK with the Asian session tonight!
