- The pennant breakdown seen in the AUD/JPY hourly chart validates yesterday’s big inverted hammer candle and indicates a bullish-to-bearish trend change, that is, the rally from the Sept. 7 low of 78.68 has ended.
- The bearish setup has likely opened up downside toward the 200-hour moving average (MA) support of 81.47.
- A convincing daily close above 82.00 would signal a revival of the rally from 78.68.
Hourly Chart
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Spot Rate: 81.83
Daily High: 81.95
Daily Low: 81.72
Trend: Bearish
R1: 81.91 (100-hour MA)
R2: 82.36 (Sept. 21 high)
R3: 82.51 (previous day’s high)
Support
S1: 81.72 (Asian session low)
S2: 81.47 (200-hour MA)
S3: 81.00 (psychological support)
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