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USD/JPY: Double Top; AUD/USD: Consolidation Within A Triangle –

Dollar/yen and Aussie/USD  both see interesting technical patterns.

The team at SocGen examines:

Here is their view, courtesy of eFXnews:

USD/JPY is forming a probable double top and is testing the confirmation level near 122, notes SocGen.

“It’s noteworthy that the pair has also breached a steeper daily upward channel within which the recovery from October evolved. A break below 122 will lead to a correction towards 120.20, the projected target for the aforementioned pattern and even towards 118.20, the monthly channel limit.

Multi decadal trend resistance at 126 remains a key level, which decides if another leg of up move occurs,” SocGen projects.

USDJPY November 2015 technical chart

Turning to AUD/USD, SocGen notes that it appears to be consolidating within a pattern similar to triangle.

“It has given a break above a descending trend line suggesting possibility of further rebound towards 0.7350, triangle limit.

However, the rebound should be corrective in nature and daily channel limit at 0.7500 , also April lows remains a key resistance and should cap any upside,” SocGen adds.

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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.