The 75.20 support level I talked about a couple of weeks ago appears to have held the AUD/JPY pair from dropping any further. With this, we may see a Double Bottom bullish reversal chart pattern forming on the daily chart. On the other hand, this could be a risky observation as the future Ichimoku Cloud remains bearish on the daily chart, while on the 1-hour chart, it has broken above the cloud with the future cloud moving up.
The pair may also be forming another Double Bottom if you look at the bigger picture. Call it a double, Double Bottom if you will. For a detailed investment strategy on AUD/JPY and other pairs, visit the PIG.
BEST BROKERS TO TRADE CRYPTO
HIGH RISK Investment Trading forex (also known as foreign exchange or currencies) on margin carries a HIGH LEVEL OF RISK, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, risk appetite, and the amount of your expendable income. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should ONLY invest money that you can afford to lose! You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts. Forex Diva Trading Opinions Any opinions, news, research, analysis, prices, or other information contained on this website is provided as general market commentary and education, and does not constitute advice. Forex Diva will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.