- Analytics
- News and Tools
- Market News
- AUD/JPY Price Analysis: Inverse Head & Shoulders taking shape
AUD/JPY Price Analysis: Inverse Head & Shoulders taking shape
- AUD/JPY bulls are in charge and the price could be o the verge of a breakout.
- The bullish engulfing ad the prospects of an inverse H&S are in focus.
AUD/JPY has benefitted of late from a return of risk appetite in global financial markets. The price action has seen a daily bullish engulfing candle followed by a break of the prior highs which leaves the bulls in good stead for continuation to break the daily trendline resistance.
AUD/JPY daily chart
As illustrated, the price has been in a descending channel for a relatively good length of time with multiple tests of either side of the bearish dynamic range. A breakout could be imminent one way or the other. The formation of what looks to be a bullish inverse Head & Shoulders pattern could be the final stags of this bearish channel.
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
