AUD/JPY chart of the day

Blake Morrow Forex Analytix

"False breakouts may lead to breakdowns" they say and the AUDJPY has potentially put in a false breakout above the 85.50 level today. In addition, the gravestone doji is not helping any bullish argument today. We have been following a slightly ascending channel recently which means that the pair could slip back to the 83.00 level and not be bearish. However, that is over 200 pips away. And with the daily RSI divergent, the risk is high for a move back down towards support. Near term support is the 50dma.

Author

Blake Morrow

Forex Analytix

Blake Morrow spent most of his professional career as the Chief Currency Strategist for Wizetrade group for 15 years, and then the Senior Currency Strategist for Ally Financial after the acquisition of Tradeking which owned the Wizetrade Group.

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