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AUD/JPY: Is it Forming a Double Bottom?

  • AUD/JPY seems to have found a support on the H4 chart.
  • The pair trades below the Simple Moving Average 30.
  • The H1 Chart looks bullish.
  • Intraday price action has been bullish as well.
AUD/JPY H4 Chart
AUD/JPY H4 Chart

AUD/JPY- Technical Analysis-H4 Chart

The pair seems to have found its double bottom support around 93.600. As of writing, the pair is bullish, The current candle may end up being a bullish reversal one. If that happens, the buyers on the minor charts may keep their eyes on the pair to go long and push the price towards the North. The Simple Moving Average 30 has been working as resistance. However, at the last rejection, it did not produce enough momentum and found its support at 93.600 for the second time.  If the price breaches the SMA30, the pair may get bullish and find its next resistance around 94.675.

On the downside, a bearish breakout at 93.600 may drive the price towards the South. The price may find its next support around 92.800.

AUD/JPY H1 Chart
AUD/JPY H1 Chart

Price Action Analysis-H1 Chart

The chart shows that the price had its second bounce around 93.600. At the second bounce, it produced a bullish inside bar. The price has been bullish on the current candle. As of writing, the pair trades around a trend line’s resistance. A breakout above the trend line may push the price towards the North. The price may find its next resistance around 94.275.

On the downside, if the chart produces a bearish reversal pattern at the trend line’s resistance, the price may head towards the South again. 93.600 being a strong resistance recently, the sellers may consider taking their profit around that level. A breakout below that level may generate stronger bearish momentum and drive the price towards the South further.

The H4 and the H1 chart look neutral. They both have a strong resistance. However, recent price action suggests that on both charts the price may make a bullish breakout and take its route towards the upside.

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

Contact and follow Tareq on Twitter: @tareqfpn

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