InvestMate|AUD/JPY Change of trend?ðĶ
ðĶAUD/JPY Change of trend?
ðĶWhy I think a trend reversal on the AUD/JPY pair is highly likely.
ðĶAll due to what I believe is a forecast for the Japanese Yen to strengthen in the coming months.
ðĶ Which could lead to declines on most pairs with the Japanese. I have already written about EUR/JPY:
ðĶI will describe in turn all the technical analysis tools I used in my analysis.
ðĶAt the very beginning, I determined the channel of the uptrend and indicated a zone that covers several months in which the price struggled to reach new highs
ðĶ Then I determined the fibo waves from bottom to top in order to find interesting support points
ðĶ I also measured the last downward wave using the fibo to find points of resistance
ðĶBased on the 0.382 fibo level of the whole upward wave and the point where the price accumulated for a longer period, I determined a support zone.
ðĶBased on the level of 0.618, and taking into account that the price started its downward slide from this level, I determined a resistance zone.
ðĶThe scenario I am playing out is a gradual descent of the price lower and lower in order to make a correction in the current uptrend.
ðĶWhy I think a trend reversal on the AUD/JPY pair is highly likely.
ðĶAll due to what I believe is a forecast for the Japanese Yen to strengthen in the coming months.
ðĶ Which could lead to declines on most pairs with the Japanese. I have already written about EUR/JPY:
ðĶI will describe in turn all the technical analysis tools I used in my analysis.
ðĶAt the very beginning, I determined the channel of the uptrend and indicated a zone that covers several months in which the price struggled to reach new highs
ðĶ Then I determined the fibo waves from bottom to top in order to find interesting support points
ðĶ I also measured the last downward wave using the fibo to find points of resistance
ðĶBased on the 0.382 fibo level of the whole upward wave and the point where the price accumulated for a longer period, I determined a support zone.
ðĶBased on the level of 0.618, and taking into account that the price started its downward slide from this level, I determined a resistance zone.
ðĶThe scenario I am playing out is a gradual descent of the price lower and lower in order to make a correction in the current uptrend.
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