AUD/JPY 1H Chart: Double Bottom

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Outlook for the Aussie is bullish, although some downside risks are going to persist in the foreseeable future. AUD/JPY is expected to test the pattern's upper boundary, which is represented by the May 10 high at 80.693. By violating this reading, the pair will set eye on the second weekly resistance that lies at 81.4186, with the current May peak and weekly R3 both following near 82 yen per one Australian Dollar. At the same time, long-term technical studies are not overwhelmingly optimistic, despite the fact that the double bottom pattern implies a reversal of a trend. Moreover, the vast majority (73%) of all SWFX positions are long, meaning here the risks are also skewed in favour of the bearish camp.
© Dukascopy Bank SA
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