AUD/JPY 1H Chart: Double Bottom

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
At the moment AUD/JPY is recovering from 82.80 and is thus approaching a key resistance area. The level of 85 yen is the neckline of the double bottom pattern, and if the pair manages to gain a foothold above it, the rally will likely extend up to 87.50, namely to the September high. At the same time, a failure to break supply zone created by the Sep 25 high, weekly PP and 200-hour SMA will likely force the rate to retreat back to 83 yen. Additional supports are at 82.12 and 81.35 represented by the August low and weekly S2, respectively. In the meantime, the sentiment of the SWFX market participants is distinctly bullish, being that 72% of open positions are currently long.
© Dukascopy Bank SA
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Wed, 30 Sep 2015 14:19:30 GMT

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