JPYAUD trade ideas
AUD/JPY Technical analysisThe pair has plunged after the Australian CPI data.
Now, it has formed an inverse head and shoulder pattern in the 15-min chart.
Also, the RSI indicator has backed up the bullish reversal formation with an inverse head and shoulder pattern of its own.
Hence, we expect the pair to pullback from the lows to the resistance of 78.870.
AUD/JPY Technical analysisThe pair has formed a subtle head and shoulder pattern in the 4-hour chart.
It has broken the neckline too and is currently consolidating just below it.
Hence, we expect the pair to trade with bearish bias and move to the support level at 78.618.
AUD/JPY Technical analysisAUD/JPY has let go of its bullish trend as it tripped over the trendline.
It has plunged deep taking down a critical price action support as well.
We expect the pair to retrace and take resistance at the broken support and then continue its downward journey.
AUD/JPY Technical analysisAUD/JPY is currently in an ascending triangle formation.
It took resistance and has broken the critical support level of 79.189.
Hence we expect the pair to move to the supportive trendline for now.
