AUD/JPY 4H Chart: Double Bottom

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Pair is posing for a rather significant recovery. That is the main assumption behind the Double Bottom pattern—pair tries to reach new low, fails to do so and gradually returns to the previous trading levels (approx. 1000 pips higher than current trading levels). Short term technicals point at a further recovery of the pair. However, long term technicals and pair's movements in the first part of June (when it just moved below the pattern's resistance) suggests that we might see a formation of a Triple Bottom pattern or, in case the pattern itself fails, Rectangle pattern.

© Dukascopy Bank SA
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