Even though on the 4-hour chart the AUD/JPY cross currency pair appears to be under pressure from Sellers, this is confirmed by the position of its price movement which is below the EMA 20 & EMA 50, but with the appearance of a Failing Wedge pattern and price deviations that form a Lower Low while the Awesome indicator The Oscillator forms a Higher Low, so in the near future AUD/JPY has the potential to be corrected stronger, where the level of 107.03 will be tested. If it is successfully broken, the next level to be aimed at is 107.81 and if the momentum and volatility are supportive then the level of 109.32 will be the next target to be aimed at, however All of these strengthening correction scenarios will become invalid and will automatically cancel if AUD/JPY continues to weaken down until it broken below the 105.88 level.
(Disclaimer)
The material has been provided by InstaForex Company - www.instaforex.com #
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