Note

AUD/JPY Price Analysis: Turns lower from 50-day MA, potential H&S pattern on 1H

· Views 1,760
  • AUD/JPY faces rejection near key moving average hurdle. 
  • The pair is forming a head-and-shoulders (H&S) pattern on the hourly chart. 

AUD/JPY is trading near 68.90, representing a 0.30% decline on the day, having faced rejection near the descending or bearish 50-day average hurdle at 69.16.

While the broader trend looks bullish with higher lows and higher highs on the daily chart and above-50 reading on the 14-day relative strength index, a convincing breakout above the 50-day average will likely remain elusive for some time, as the 4-hour chart is reporting a bearish divergence. 

Further, the pair appears to be forming a head-and-shoulders pattern on the hourly chart. A break below 68.58, the neckline support, would open the doors to 67.90 (target as per the measured move method). 

The bearish case put forward by the hourly and 4-hour charts would weaken if the JPY cross prints a daily close above 69.26. 

Hourly chart

AUD/JPY Price Analysis: Turns lower from 50-day MA, potential H&S pattern on 1H

Trend: Pullback likely

Technical levels

AUD/JPY

Overview
Today last price 68.91
Today Daily Change -0.16
Today Daily Change % -0.23
Today daily open 69.07
Trends
Daily SMA20 66.29
Daily SMA50 69.29
Daily SMA100 72.11
Daily SMA200 72.84
Levels
Previous Daily High 69.26
Previous Daily Low 68.5
Previous Weekly High 69.04
Previous Weekly Low 65
Previous Monthly High 71.52
Previous Monthly Low 59.9
Daily Fibonacci 38.2% 68.97
Daily Fibonacci 61.8% 68.79
Daily Pivot Point S1 68.63
Daily Pivot Point S2 68.19
Daily Pivot Point S3 67.87
Daily Pivot Point R1 69.38
Daily Pivot Point R2 69.7
Daily Pivot Point R3 70.14

Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.

FOLLOWME Trading Community Website: https://www.followme.com

If you like, reward to support.
avatar

Hot

Back To Future'

-THE END-