AUDJPY – Bearish Volatile Trend, Looking to Sell | Feb 11
AUDJPY – 6 Day Bear Close, Bearish Cycle in Play (daily chart)
Down almost 8+ handles since the start of this year, the AUDJPY has been getting hammered lately, closing red 6 days in a row and 7 out of the last 8.
What is most interesting is yesterday’s meltdown with a mini-flash crash in the JPY pairs, followed by a sharp rebound. The pair has since formed a long tailed pin bar after initially breaking a major support level in 79.21, but then closing above it.
For now, the pair is in a bearish cycle and I’m expecting any rallies in the AUDJPY to be sold. We might see some profit taking here and thus a small rally which should find offers at 81.84 and 86.27.
Since this is a bearish volatile trend, watch for key pullback levels before getting short.
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