AUD/JPY 1H Chart: Double Top

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Another double top pattern formed by the Australian Dollar cross is worth examining today. The trajectory of AUD/JPY is very similar to AUD/USD moves we described earlier-the Australian Dollar started to gain versus the Yen in mid-March and then peaked at a one-year high of 96.06 early April.
Now the pair is on the brink of falling beneath the 50-hour SMA at 95.84, below which there are only two levels-95.75/65 (daily S1; four-hour S1) and 95.46 (daily S2; four-hour S2) capable to stop the pair from nearing the neck-line at 95.40. If AUD/JPY breaches these support zones and the neck-line, the breakout followed by a massive sell-off is likely to happen.
© Dukascopy Bank SA
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