FX forecast / AUD/JPY / Our expectations
Long-term consolidation, the price doesn't have trend and is moving in wide choppy. Test of the bottom part of the channel, where main diagonal and horizontal supports are crossing. Price action signal: Pin bar in support zone. The price made fake breakout from the zone and pulled back above it forming pin bar. This indicates that the bear are losing power to continue with the downward momentum. Ascending gap and the price did not managed to fill it - positive signal. Technical indicator: CCI(50) - Reversing nortg in zone of oversold - if break level -100 the negative moods will weaken.
SL: 83.90
Alternative scenario: If the price breaks below the zone of support and break out break out from the consolidation in downward direction, the negative scenario will be dismissed.
Trader Bozhidar Arabadzhiev
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