AUD/JPY Attempts To Break Below Lower Limit Of Flag Pattern
FxGrow | Jan 04, 2016 06:21AM ET
AUD/JPY - attempt of break below the lower limit of the flag pattern
Since August, AUD/JPY moved in a flag pattern. Flag is a pattern of trend continuation, which means that price should break below lower limit of the flag according to a main downtrend. Today there was an attempt of such breakout and price is at two months low.
Break below that level during today's session may not be successful because at 85.60 there is a support, where price may rebound. However when that support will be broken, price should go back to downtrend. Nearest supports: 85.60, 84.70, 83.60, 82.20. Nearest resistances: 86.80, 88.30, 90.30.
Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.
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