AUD/JPY Price Analysis: Bears seek a 50% mean reversion of daily impulse

AUD/JPY bears seeking a correction on the monthly chart.
Daily support structure offers prospects of significant correction target.

Ross J Burland FXStreet

AUD/JPY is in the throes of a sizeable retracement on the longer time frames and the following illustrates where the next trading opportunity could come from a break of current support.

Monthly chart

The monthly chart is overdue for a significant correction following four consecutive months of uninterrupted gains.

Weekly chart

The bears will want to see the weekly support give way, while above it, there is every chance of a continuation to the upside.

Daily chart

Bears meet resistance at this juncture ad can target a 50% mean reversion or as low as the 61.8% Fibonacci retracement level of the last bullish impulse.

30-min chart

From a lower time frame, the bears can monitor for bearish conditions to target the daily support.

A break of current support opens prospects of a continuation to the downside in the daily correction.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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