Market NewsTechnical Analysis

AUD/JPY: Bear Makes a Long Correction, Does It Stop or Continue?

  • AUD/JPY has been on bearish correction on the H4 chart.
  • The pair trades right at the support of the simple moving average 30.
  • The H1 chart looks bearish but finds a strong support.
  • Intraday minor charts have been choppy.
AUD/JPY H4 chart
AUD/JPY H4 chart

AUD/JPY -Technical Analysis- H4 chart

The chart shows that the price has been moving towards the downside. Considering the momentum, it looks good for the sellers. However, the moving average 30 has been working as a support. As of writing, the pair trades around the moving average. Thus, the buyers may wait for the chart to produce a bullish reversal pattern at the support to go long in the pair. The price may find its resistance around 98.500.

On the downside, if the price breaches the simple moving average 30’s support, the sellers may wait for the price to confirm the breakout followed by a bearish reversal pattern at the value areas to go short in the pair. In that case, the price may find its support around 96.450.

AUD/JPY H1 chart
AUD/JPY H1 chart

Price Action Analysis- H1 Chart

The chart shows that the price has been down trending by obeying a trend line. As of writing, the pair trades around yesterday’s lower low. Thus, the sellers may wait for the price to make a bearish breakout at the horizontal support to go short again in the pair. Alternatively, the pair may make a bullish correction and find its resistance at the trend line. If that happens, the sellers may wait for the chart to produce a bearish reversal pattern at the trend line’s resistance to drive the price towards the South. The price may find its support around 96.800.

On the contrary, if the price breaches the trend line’s resistance, the buyers may push the price towards 97.775.

Written by: Md Tareq Sikder, Senior Analyst Forex Prop News

Contact and follow Tareq on Twitter: @tareqfpn

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Our Newsletter

Subscribe to ForexPropNews Trading Newsletters

Receive the best-curated content by our editors for the week ahead.

Mini Charts

Fidelcrest video review

Play Video

Related Articles

EUR/GBP Struggles for Momentum as Eurozone Growth Falters

German GDP fell by 0.3% in Q4 2023, while EUR/USD tests 200-SDMA...

Market Alert: Levels to Watch for EUR/USD, GBP/USD, Gold

US Dollar maintains bullish momentum amid anticipation of core PCE data; EUR/USD,...

GBP/NZD: Choppy Price Action before a Breakout

GBP/NZD- Technical Analysis- H4 Chart The chart shows that the price has...

CHF/JPY: Bull Has an Edge

CHF/JPY – Technical Analysis- H4 Chart The chart shows that the price...

Featured educational content

EXPLORE MORE

Featured educational content

New to Forex? Learn to Read Charts Like a Pro

Dive into forex trading basics: chart reading, candlesticks, technical indicators, timeframes, currency pairs. Start your journey to trading success today!

Video: How I Re-Programmed My Mind to be a Consistent Trader (Thanks to The Wolf of Wall Street)

How I Re-Programmed My Mind to be a Killer Trader (Thanks to The Wolf of Wall Street)

Video: This Invisible Trading Indicator Tells you What Day Trade (Not Just Price)

This Invisible Trading Indicator Tells you WHEN to Trade (Not Just Where)

Technical Analysis: Chart Patterns and Indicators for Profitable Investments

Navigate stocks with confidence using chart patterns like Head and Shoulders, indicators such as MACD, and tools like trendlines. Master technical analysis for...

Latest News

Learn to Read Charts
Educational Content

New to Forex? Learn to Read Charts Like a Pro

Dive into forex trading basics: chart reading, candlesticks, technical indicators, timeframes, currency pairs. Start your journey to trading success today!

EUR/GBP Struggles
Market News

EUR/GBP Struggles for Momentum as Eurozone Growth Falters

German GDP fell by 0.3% in Q4 2023, while EUR/USD tests 200-SDMA resistance amid mixed economic data.

Copyright © 2023 Forex Prop News. All Rights Reserved.