8 Dec 2015

AUD/JPY TESTING THE RISING WEDGE'S FLOOR

AUD/JPY H4

As expected the rate experienced a sharp drop after testing the yearly falling trendline resistance. It is now testing the lower boundary of the rising wedge formation.

Because of the drop yesterday we may expect a small bounce higher before breaking the floor and heading down to the important support level at 88.00.

A break below this level is needed to confirm the resumption of the broader downtrend and should take the rate down to the yearly lows around 82.50.

Only a break above 90.80 would invalidate my immediate bearish outlook for the pair, and only a daily close above 95.00 would turn me bullish on the pair.


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