AUD/JPY 4H Chart: Approaches dominant resistance
The Australian Dollar is about to touch a dominant resistance line against the Japanese Yen. Most likely the move will result in a bounce off to the downside. If that scenario occurs, the latter risk management during the decline should be focused around three areas.
First area is just below the 86.00 mark. At that level the weekly PP together with the 55 and 200–period SMAs are located at.
Afterwards the 100-period SMA should be watched, which was moving steeply higher in the middle of December.
Last but not least the lower trend line of the junior channel up pattern would be strengthened by the weekly S1 at the 85.32 level.
First area is just below the 86.00 mark. At that level the weekly PP together with the 55 and 200–period SMAs are located at.
Afterwards the 100-period SMA should be watched, which was moving steeply higher in the middle of December.
Last but not least the lower trend line of the junior channel up pattern would be strengthened by the weekly S1 at the 85.32 level.