Cross-rate signals: AUD/JPY forms a “double bottom”

Cross-rate AUD/JPY on uncertainty about the risks formed a figure of “double bottom”, which, in turn, is embedded in the model of the downward trend movement. Thus, on reducing risks, from the AUD/JPY pair an upward movement is expected with a break of the main resistance of 81.50-70 and further movement towards the resistance level of 82.10-20 and 82.50. The main level to enter the purchase is the zone 81.50-70. Closing the week below this zone or updating the low of 80.80 cancels the scenario for strengthening.

Fig. AUD/JPY. The current price is 81.20.

Hanzenko Anton