AUDJPY 86.72 – neutral – Forms a 4-day symmetrical triangle
AUDJPY is forming a 4-day symmetrical triangle (as shown on the daily chart). An upside break above 87.50 (October 15, 2015 high) would signal return of strength and firm for 88.61 (October 12, 2015 high). Clearance above there would accelerate the current 3-week rally towards 90.13 (76.4% of the 92.68/81.96 fall). However, a downside push below 86.08 (October 14, 2015 low) would suggest a bearish continuation pattern is in place, extending the correction from 88.61 towards 85.81 (October 8, 2015 low, near 50% of the 82.81/88.61 rise) where support may come in to contain the pullback.
Outlook:
Intraday: neutral
Daily: neutral
Weekly: neutral
AUDJPY is forming a 4-day symmetrical triangle (as shown on the daily chart). An upside break above 87.50 (October 15, 2015 high) would signal return of strength and firm for 88.61 (October 12, 2015 high). Clearance above there would accelerate the current 3-week rally towards 90.13 (76.4% of the 92.68/81.96 fall). However, a downside push below 86.08 (October 14, 2015 low) would suggest a bearish continuation pattern is in place, extending the correction from 88.61 towards 85.81 (October 8, 2015 low, near 50% of the 82.81/88.61 rise) where support may come in to contain the pullback.
Outlook:
Intraday: neutral
Daily: neutral
Weekly: neutral
