AUD/JPY 4H Chart: Remains near weekly R1 - Trade Pattern Ideas - Dukascopy Bank
Thu, 12 Sep 2019 06:01:00 GMT
Source: Dukascopy Bank SA
Indicator
4H
1D
1W
MACD(12;26;9)
Buy
Buy
Sell
RSI(14)
Sell
Neutral
Neutral
Stochastic(5;3;3)
Neutral
Sell
Neutral
Alligator(13;8;5)
Buy
Buy
Sell
SAR(0.02;0.2)
Buy
Buy
Sell
Aggregate
⇗
⇗
⇘
Upside risks have been dominating the Australian Dollar versus the Japanese Yen since August 27, when the currency pair made a U-turn from the lower boundary of a long-term descending channel pattern at 70.00.
A breakout occurred through the upper boundary of the descending channel pattern at 73.83 on September 11.
Given that a breakout had occurred, the AUD/JPY exchange rate will likely continue its bullish momentum during the following trading sessions.
Although, if the weekly R2 at 74.73 holds, the currency exchange rate would likely make a brief retracement towards a support cluster set by the combination of the weekly PP and the 50– and 200– hour SMAs at 72.52 within next week's trading sessions.
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