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.
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