Simple Moving Average(SMA) 50-period (red), 200-period (bold, gray)
RSI-14 with Simple Moving Average 5-period of RSI attached.
Elliott Wave Principles
Market and Price Action (patterns, candlesticks)
Intraday pivots and Intermediate-term support and resistance
Multiple Time-frame Analysis
- The AUD/JPY is in a sharp retracement against the rally that started at the end of January.
- The market will see 78.6% retracement near 81.70 as seen in the 4H chart.
- The daily chart also shows a channel support near 81.60, so this zone 81.60-81.70 can provide support.
- A break below 81.60 suggests a return to the 79.00 level, or the start of this channel.
- However, if the market respects this support, the market can continue to channel.
- The bullish scenarios is still valid with the daily RSI above 40, but we are about to test this.
- A break back above 83.50 suggests resumption of the bullish trend, and the 85.00-85.50 area is target zone. A break above 83.00 would be an early warning.
- The 1H chart shows the market in a bearish mode, channeling, and testing resistance. The negative reversal suggests further bearish attempts in the near-term.
- Look for the decline to head towards 81.70, 81.60, and look for support there.
- If the RSI in the 1H chart breaks above 60, and then 70, we have signs of the bullish resumption.
Will the AUD/JPY respect the rising channel and continue rallying? We would love to hear what you think.
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