AUD/JPY = head and shoulder pattern

The break out of the head and shoulder pattern indicates a trend reversal going down. However, the 0,618 retracement could be a support level for a long position. With as first target the 0,382 retracement.

Commentaire:

Noticed that the fibonnaci retracement is applied incorrect on this chart. Edit: the correct 0,382 retracement should be at 87.031 and the 0,618 at 87.466