- The AUD/JPY has created a classic bull flag – a bullish continuation pattern – on the daily chart, meaning a break above the upper edge of the flag would signal a resumption of the rally from the Oct. 26 low of 78.56.
- The bull flag breakout, if confirmed, would open up upside toward 87.50 (target as per the measured height method, that is, pole length added to the breakout price).
- The repeated bounce from the ascending 20-day MA indicates the bearish pressures have weakened in the last few days. Further, the 5- and 10-day MAs are trending north, indicating a bullish setup. As a result, a bull flag breakout could happen in the next few days.
- The case of a bull flag breakout would weaken if the spot closes below the 20-day MA, currently at 81.81.
Daily Chart
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Trend: Cautiously bullish
AUD/JPY
Overview:
Today Last Price: 82.03
Today Daily change: 2.0 pips
Today Daily change %: 0.0244%
Today Daily Open: 82.01
Trends:
Previous Daily SMA20: 81.85
Previous Daily SMA50: 81.11
Previous Daily SMA100: 81.29
Previous Daily SMA200: 81.93
Levels:
Previous Daily High: 82.4
Previous Daily Low: 81.58
Previous Weekly High: 82.64
Previous Weekly Low: 81.2
Previous Monthly High: 82.5
Previous Monthly Low: 78.56
Previous Daily Fibonacci 38.2%: 82.09
Previous Daily Fibonacci 61.8%: 81.89
Previous Daily Pivot Point S1: 81.6
Previous Daily Pivot Point S2: 81.19
Previous Daily Pivot Point S3: 80.79
Previous Daily Pivot Point R1: 82.41
Previous Daily Pivot Point R2: 82.81
Previous Daily Pivot Point R3: 83.22
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