Icon_contact
Contact

AUDJPY starting to fight back?

jeffriess
February 10, 2020
by Joseph Jeffriess, Market Analyst

Price setting up a higher-low pattern.

Currently, the AUDJPY has started to set-up a new higher low pattern. These are normally seen as bullish patterns but they do need to confirm by holding the new low point. Buyers have also broken the fast trend setting up new short-term price momentum.

We would like to see 73.03 hold, if sellers break this level pressure has returned from sellers and a new move back to the LL starts to reconfirm the overall downtrend. If buyers can continue the current pattern we would like to see the resistance level above beaten.

Another good sign from buyers if selling does resume is a new inside low hold or higher low.

Good trading from Eightcap.
All times are AEDT.