AUD/JPY: 1-hour
Reversal alert! AUD/JPY seems tired from its recent climb and might be heading downhill soon, as a double top pattern is forming on its 1-hour forex time frame. The pair has failed in its last two attempts to break past the 92.50 minor psychological resistance but has yet to test the neckline support around 91.00. A break below this level could confirm that a downtrend is set to take place, possibly taking the pair lower by around 150 pips or the same height as the chart formation. Stochastic is climbing out of the oversold region for now, suggesting that buyers are about to take control of price action. In addition, the 100 SMA is still above the longer-term 200 SMA, hinting that an uptrend continuation might still be possible.
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