Home AUD/USD: H&S Confirmed; USD/JPY: Fibo Support Key – SocGen
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AUD/USD: H&S Confirmed; USD/JPY: Fibo Support Key – SocGen

As a new week commences in Asia, we bring  analysis from SocGen regarding two  Asia Pacific pairs.

AUD/USD and USD/JPY are trading in interesting patterns.

Here is their view, courtesy of eFXnews:

AUD/USD confirmed a head-and-shoulder pattern last year and is extending the downtrend, notes SocGen.

“The monthly RSI has broken below a multi-year trend line support, suggesting continued weakness,” SocGen adds.

“In the short term though, the daily RSI has broken above a multi-month trend line resistance, giving credence to a price break.  Thus, a recovery towards 0.8020, the 23.6% retracement from last July, is possible. However, such a rebound is likely corrective in nature, and AUD/USD should eventually drift towards the channel bottom at 0.72,” SocGen projects.

USDJPY technical chart March 30 2015 dollar yen graph

In USD/JPY, SocGen notes that it is retracing after testing previous-year highs of 121.85/122.

“The monthly indicator is testing a graphical ceiling, suggesting the possibility of a consolidation. The pair has reintegrated within a multi-month triangle and has violated an upward channel support,” SocGen notes.

The pair is approaching 118.20, the 61.8% retracement from the January lows. The daily RSI is testing a graphical floor, suggesting 118.20 as an immediate support. A decisive break below 118.20 will confirm a deeper retracement towards the lower triangle limit at 116.60/115.50,” SocGen projects.

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Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.