AUD/JPY 1H Chart: Double Bottom

Source: Dukascopy Bank SA
© Dukascopy Bank SA
A double bottom pattern formed by AUD/JPY originated at a three-month high of 96.50 hit early July and has already lasted for 104 hours. Surprisingly, we did not see a breakout a day earlier after the pair managed to penetrate the neck-line at 95.64. The reason is that the pair failed to surpass the 200-hour SMA and was forced to come back to the area beneath the neck-line. However, the instrument is likely to receive a bullish impulse soon taking into account that 84% of traders on the SWFX bet on appreciation of the pair. Notwithstanding this, the pair's ability to exit the pattern remains questionable as the neck-line is still well-supported by the 200-hour SMA.
© Dukascopy Bank SA
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