Reversal of AUDJPY noted
Updated
AUDJPY has caught our attention of a potential reversal pattern after reaching 89.08 on 6 Jan 2018. This pair has been on a strong uptrend in the near-term from the last low at 84.35 on 27 November 2017.
Investors like you may be wondering this pair's movement in the following week. From a technical outlook, the last two candles of this pair are bearish. It seems to suggest that there is a potential retracement to the downside.
Based on our forecast, if the pair continues to retrace, we are watching several levels. The first level will be 88.00 which is an important key psychological level. However, if this level does not provide any support, the pair could potentially 87.30 as the next level of support, followed by 86.70 as the third level of support. We will be watching these levels to determine if the uptrend since 27 November 2017 will resume.
Good trading
NinjaSingapore
9 Jan 2018
DISCLAIMER
Our research materials are provided for information purposes only. They should not be used or considered as an offer to sell or a solicitation of an offer to buy any securities. The research materials are prepared for general circulation and general information only. They do not take into account the specific investment objectives, investment knowledge and experience and financial situation of any recipient. Investors seeking to buy or sell any securities discussed or recommended in our research materials, should seek independent financial advice relating thereto and make his/her own appraisal of the tax or other financial merits of the investment.
Any opinions expressed are subject to change without prior notice. Our research materials are based on information from various sources believed to be reliable. Although all reasonable care has been taken to ensure that such information is not misleading, we make no guarantee, representation or warranty, expressed or implied as to its accuracy, adequacy or completeness. We do not accept any liability whatsoever for any direct, indirect or incidental, special or consequential loss of any kind arising out of the use or reliance on the information in our research materials.
Investors like you may be wondering this pair's movement in the following week. From a technical outlook, the last two candles of this pair are bearish. It seems to suggest that there is a potential retracement to the downside.
Based on our forecast, if the pair continues to retrace, we are watching several levels. The first level will be 88.00 which is an important key psychological level. However, if this level does not provide any support, the pair could potentially 87.30 as the next level of support, followed by 86.70 as the third level of support. We will be watching these levels to determine if the uptrend since 27 November 2017 will resume.
Good trading
NinjaSingapore
9 Jan 2018
DISCLAIMER
Our research materials are provided for information purposes only. They should not be used or considered as an offer to sell or a solicitation of an offer to buy any securities. The research materials are prepared for general circulation and general information only. They do not take into account the specific investment objectives, investment knowledge and experience and financial situation of any recipient. Investors seeking to buy or sell any securities discussed or recommended in our research materials, should seek independent financial advice relating thereto and make his/her own appraisal of the tax or other financial merits of the investment.
Any opinions expressed are subject to change without prior notice. Our research materials are based on information from various sources believed to be reliable. Although all reasonable care has been taken to ensure that such information is not misleading, we make no guarantee, representation or warranty, expressed or implied as to its accuracy, adequacy or completeness. We do not accept any liability whatsoever for any direct, indirect or incidental, special or consequential loss of any kind arising out of the use or reliance on the information in our research materials.
Trade closed: target reached
Support at 87.30 was found and now AUDJPY resumed its uptrend. Case study is closed and we shall look for another opportunity.
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