Inverted H&S on AUD/JPY, long breakout at 89.10
AUD/JPY has completed an inverted 'Head and Shoulders' pattern on the daily charts.
Major resistance lies at 89.09 (double top), AUD/JPY pivotal around 78.6% Fib.
Breakout at 89.10 levels to see test of 88.6% Fib at 89.62 ahead of 90.30 (Sept 21 high).
20-DMA at 88.02 is major support and we wee bullish invalidation on break below.
Support levels - 88.23 (5-DMA), 88.03 (converged 61.8% Fib and 20-DMA), 87.27 (100-DMA)
Resistance levels - 89.08 (double top), 89.62 (88.6% Fib), 90, 90.30 (Sept 21 high)
Good to go long on breakout above 89.10, SL: 88.20, TP: 89.60/ 90/ 90.30
Major resistance lies at 89.09 (double top), AUD/JPY pivotal around 78.6% Fib.
Breakout at 89.10 levels to see test of 88.6% Fib at 89.62 ahead of 90.30 (Sept 21 high).
20-DMA at 88.02 is major support and we wee bullish invalidation on break below.
Support levels - 88.23 (5-DMA), 88.03 (converged 61.8% Fib and 20-DMA), 87.27 (100-DMA)
Resistance levels - 89.08 (double top), 89.62 (88.6% Fib), 90, 90.30 (Sept 21 high)
Good to go long on breakout above 89.10, SL: 88.20, TP: 89.60/ 90/ 90.30