FX forecast / AUD/JPY / Our expectations
Long-term consolidation, the price broke below the horizontal support of the channel and now is making a test. Middle-term downward trend, the price is making lower tops. Price action signal: Pir bar at levels of diagonal and horizontal resistances. The tail of the pin bar is large which indicates that the bulls do not have power to continue with the ascending movement. Fake break out of FiBo 38.2 and close below the level - negative signal. Technical indicator: CCI(50) - Below the base level 0 - as long as the pice remain below the level. the negative sentiment is still on track. The price is below SMA 200/50 - negative signal. The current candle is making correction of th ePin bar, which gives us better price for positioning.
Alternative scenario: If the price breaks above the zone of resistance and return in the consolidation, the negative scenario will be dismissed.
Trader Bozhidar Arabadzhiev
25 Canada Square, Level 33, office 50, Canary Wharf London, E14 5LQ +44 20 3608 6256
World Financial Markets - 0700 17 600 Varchev Exchange - 0700 115 44
Varchev Finance Ltd is registered in the FCA (FINANCIAL CONDUCT AUTHORITY) with a passport in the United Kingdom: FCA, United Kingdom - registration number: 494 045, which allows provision of financial services in the United Kingdom.
Varchev Finance Ltd strictly comply with the statutes of the European directive MiFID (Markets in Financial Instruments). targeting increased efficiency, transparency and uniformity of financial instruments.
Varchev Finance Ltd is authorized and regulated by the Financial Supervision Commission - Sofia, Bulgaria: License number RG-03-02-05 / 15.03.2006
The information on this site is not directed at residents of the United States or Belgium and is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 63,41% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.