AUD/JPY forming a double top at 100 dma?

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 10, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    AUD/JPY turned south on the supply through the 85.0 handle and its next challenge to the downside is through the mid point of the 84.0 handle ahead of the 20 1hr sma at 84.42.

    The Tokyo open favors the upside in the Yen, but marginally, as USD/JPY pauses at the 200 sma on the 1hr sticks at 113.36 after a decent recovery in a reversal of the previous sessions in the week when bears took control from the vicinity of 114.20 resistance. At the same time, the Aussie is at a critical level having been on a one way street since breaking the 200 dma at 0.7250 and in the event of any further negativity in the Chinese economy this week, the Aussie and cross could come under some serious pressure.

    AUD/JPY levels

    AUD/JPY is losing momentum at the 100 dma for a second time this year and could be forming a double top. Implications of a double top open prospects for a correction to test the 84.0 handle and a full on reversal would target the 20 dma at 82.16 on a break of the 55 dma at 83.05.
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