AUD/JPY – Possible Trend Change at the Critical Resistance
Signal – Short
Austrian Dollar/Japanese Yen rallied to as high as 89.25 last week trading session but failed to sustain the upside momentum. The pair ended the week back below significant resistance level of 88.12.
The pair’s weekly candle closed with a Doji formation (reversal
candle) at the weekly resistance. RSI 14 week period also a negative
divergence.
Signal – Short
British Pounds/Japanese Yen closed the week on a bearish note serving as a confirmation to the inverted hammer formed in the previous week at key resistance level of 147.90.
The pair formed a triple top thereafter began a downward momentum after finding resistance to go past 147.90 resistance.
The pair’s may be set to trend towards the upward sloping
trendline.
Steep downward movement expected in the current trading week.
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