AUD/JPY Minor Double Top

AUD/JPY Minor Double Top

AUD/JPY reached a strong resistance area and now it could drop again in the short term. Is trading in the red at the 85.00 psychological level. Registering a new lower low could activate a sell-off.

The Aussie seems weak after the Monetary Policy Meeting Minutes. The Japanese Yen could take full control if the JP225 (Nikkei) starts decreasing in the short term.

AUD/JPY H1 Chart Analysis!

AUD/JPY found strong resistance right above the weekly pivot (85.05) and now it seems heavy again. Dropping and closing below 84.95 immediate low could signal a further decline in the short term.

I’ve drawn a minor descending pitchfork hoping that I’ll catch a sell-off after AUD/JPY has printed a minor Double Top reversal pattern. The pair has printed a false breakout above the upper median line (uml) confirming the upper median line (uml) as a dynamic resistance.

Conclusion!

Its failure to stabilize above the weekly pivot point (85.05) signaled a short-term decline. AUD/JPY could approach the major descending pitchfork’s median line (ML) if it stays within the minor descending pitchfork’s body.

 

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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Author : Olimpiu Tuns

Olimpiu Tuns

Olimpiu Tuns graduated with a Master in Business Administration and is a seasoned Market Analyst / Trader / Trainer with 10 years of experience in the financial markets having expertise in Forex, Commodities, Index, Cryptocurrencies, and Stocks. He worked as a Market Analyst for three major brokerage companies, as a prop trader, and as a contributor/content creator for news portals and educational platforms.