#AUDJPY @ 88.5790 bulls are defending support on the daily chart but bears are stepping up again.
…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for PREMIUM VERSION HERE to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level4)]
- AUD/JPY bulls are defending support on the daily chart but bears are stepping up again.
- A deeper correlation of the bullish recovery is eyed for the immediate future.
AUD/JPY is flat on the day so far approaching the Tokyo open, trading at 88.67 and sticking to a 20 pip range so far. The bulls are stepping in from daily support with prospects of a bullish correction towards prior support that would now be regarded as resistance. Pulling up the Fibonacci scale, there is an alignment with the 78.6% Fibonacci resistance near to 90.25:
However, moving down to the 4-hour time frame, we can see plenty of resistance near 89.00 and the fact that the price is stalling here, in a confluence with the 61.8% ratio, a downside case can be built, until a break of the resistance structure. We are still on the front side of the bear trend so a bullish thesis is not as easy to make.
The W-formation on the hourly chart sees the price drawn to the neckline and testing the 38.2% Fibonacci of the prior bullish impulse currently. A break here opens the risk of a deeper correction further into the Fibonacci scale where the 787.6% Fibo meets 88.00 the figure or thereabouts as the likely last line of defense before a bullish thesis can be made for the forthcoming sessions.
[/s2If]
Join Our Telegram Group
