AUD/JPY next target is 92.40 zone [Video]
|AUD/JPY technical analysis
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Pandemic ™ Pattern.
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92.40 M L4 support.
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Big Shoulder Head Shoulder.
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Bearish continuation below 92.40.
MEGATREND MAs: Bearish
D1 chart AUD/JPY
1. Left shoulder.
2. Head.
3. Right shoulder.
4. Pandemic ™ pattern.
5. TP.
The AUD/JPY has 100 pips of the ATR which means it’s a moderately volatile market. At this point the MEGATREND MAs are crossing down along with the strong pinbar. The pandemic pattern is in play where we need to keep stops above 94.30. If we see that momentum has changed we could then add to the retracement as the pattern is bearish and we could sell for a better price.
93.30 and above are all zones for a potential entry as protective stops are placed above 94.30. We should see 92.60 as the intraday target with the low at 92.40. Break below 92.40 might incur another momentum sell towards 91.70 and 90.80. Have in mind that the AUD/JPY is also correlated to US Equities, especially with the SNP500.
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