Simple Moving Average(SMA) 50-period (red), 200-period (bold, gray)
RSI-14 with Simple Moving Average 5-period of RSI attached.

Fibonacci Study
Elliott Wave Principles
Market and Price Action (patterns, candlesticks)
Intraday pivots and Intermediate-term support and resistance

Multiple Time-frame Analysis

AUD/JPY
AUD/JPY

- Price Action: Counter-trend breakout signals a bullish continuation within a rising channel.
- RSI: There is a positive reversal signal with a swing projection suggestion to 85.00. This is the minimum target.
-A closer look at the 4H chart and we see 2 important support pivots that should hold for this rally to 85.00.
- The 83.00 level should hold as support, but if that does not, the 82.50 level should not be broken.
- The RSI broke above 70, so watch for a near-term correction to the downside, but eventually a rally to continue towards 85.00.
- The current high near 83.65 is actually also the high from Dec. 2010. As the momentum is overbought, we might get a near-term bearish correction, but again, the 83.00, then 82.50 levels should not be broken for a healthy bullish swing towards 85.00.

AUD/JPY

Will the AUD/JPY eventually show a momentum breakout? Should that coincide with a bearish cycle int he JPY? We would love to hear what you think.

Subscribe and become a member to share your views and join live discussions as well as webinars about the markets.

Fan Yang CMT
Chief Technical Strategist