AUD/JPY: Daily
Doji alert! A reversal candlestick pattern has formed right an area of interest visible on AUD/JPY’s daily forex chart, suggesting that the pullback move is already over. Price is stalling at the 38.2% Fibonacci retracement level, which lines up with a broken support area and is close to the 95.00 major psychological resistance. At the same time, stochastic is nearing the overbought area, which means that Aussie bulls are losing steam. If the resistance holds, AUD/JPY could head back to its previous lows at the 90.00 major psychological support. Just make sure you set your stops wide enough if you’re thinking of shorting!
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