AUD/JPY: Broken support and after retest, more likely short move to continue

15.06.2016 / 04:01

Rating:

AUD/JPY:

Date: June 15, 2016

H4 Graph: Short Trend

The price was in a down trend, after which there was a consolidation since May 2016, now the price has broke down and moved down and back for retest of this important level at 78,200/78,500. We have several lower highs and diagonal resistance line and the fact that price broke this level and retest it now, give a good indication that the short move might continue down.

Sentiment: With higher and stronger JPY and the fall of the indices impacts negatively the risk currencies the most.

Alternative scenario: If the price moves up above the horizontal, diagonal and 78.50, this will cancel the bearish view.

Technical Indicator:

DEM (14) - In over sold zone

Price for Entry short around: 77,90

SL: 78.500

Jr. Trader - S. Fuchedzhiev

Varchev Traders

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AUD/JPY: Broken support and after retest, more likely short move to continue

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