- Analytics
- News and Tools
- Market News
- AUD/JPY Price Analysis: Bulls moving in at critical support
AUD/JPY Price Analysis: Bulls moving in at critical support
- AUD/JPY bears are on the prowl but the bulls are moving in.
- The price action could be dictated by the reversion patterns across multi time frames.
AUD/JPY is correcting following the two-day rally. The following illustrates the prospects of a reversion into the 92.50 area based upon a reversion pattern that is taking shape on the daily candlesticks.
AUD/JPY daily chart
As illustrated above, we have a W-formation. The price is headed to the 23.6% Fibonacci level, which is not quite as significant as the cluster of the 38.2%, 50% mean reversion and the golden 61.8% below there:
AUD/JPY H1 chart
The hourly chart's M-formation is just as compelling:
The price would be expected to now move into the neckline which could act as a resistance that would encourage the bears in at a discount.
© 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
