AUDJPY – Potential Head and Shoulders forming
Weekly: Trading within a Bearish Channel formation. A sequence of weekly lower lows and highs has been posted. Preferred trade is to sell into rallies. Expect trading to remain mixed and volatile
Daily: Price action continued to range between key support & resistance (80.58 – 84.35) and we expect this to continue. Posted a Bearish Outside candle on the Daily chart. Rallies continue to attract sellers. Further downside is expected
4Hour: A bearish Head and Shoulders is forming. A break of 82.09 is needed to confirm follow through negative momentum. Trading between support at 80.64 and resistance at 84.50. The formation has a measured move target of 79.67.
Action: We look to sell a break of 82.05
Stop: 82.55
Targets: 80.65
Risk Warning
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Before deciding to invest in spot foreign exchange or futures you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with spot foreign exchange and futures trading, and seek advice from an independent financial advisor (IFA) if you have any doubts. All information posted on this website is of our opinion and the opinion of our visitors, and may not reflect the truth. Please use your own good judgment and seek advice from a qualified consultant or IFA, before believing and accepting any information posted on this website.
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Losses can exceed deposits