Forex Marketz Daily Forex News – Fully Markets Update
AUD/JPY – Current trading at around 101.547 is in a strong bearish position in the short to midterm and offers a quick opportunity to potentially collect profit. Let’s look at the hourly chart:
Although the bands look almost stable in the last few days, we see the moving average tilting down. Looking at the trading we can see that especially in the last 12 hours there has been a retreat and bearish stance developing. Even so, we might be inclined to wait because on November 17th we saw this occur and the stance changed quickly back. However, look at the minute chart:
We clearly see that there is a breakaway from the previous pattern to a definite bearish path — how long? This is trader intuition, but you can explore the range of support from 101.690 and resistance at 101.290
