Home AUD/JPY Technical Analysis: Charting inverse head-and-shoulders pattern on the hourly
FXStreet News

AUD/JPY Technical Analysis: Charting inverse head-and-shoulders pattern on the hourly

  • Currently, the AUD/JPY is creating a right shoulder of the inverse head-and-shoulders pattern with the neckline resistance at 79.76.
  • A break above the neckline would confirm a bearish-to-bullish trend change and would open up upside toward 81.00 (target as per the measured height method).
  • A bull breakout may turn into a bull trap if the Chinese yuan continues to slide, triggering risk aversion and boosting haven demand for the JPY.

Hourly Chart

Spot Rate: 79.52

Daily High: 79.58

Daily Low: 79.25

Trend: Bullish above 79.76

Resistance

R1: 79.76 (neckline resistance)

R2: 80.00 (psychological hurdle)

R3: 80.28 (200-period EMA on 4-hour chart)

Support

S1: 79.10 (low of the previous 4-hour candle)

S2: 78.68 (Sept. 7 low)

S3: 78.56 (Oct. 26 low)

FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.