Signals for cross-rates: AUD / JPY is in anticipation of the working off the figure “head and shoulders”

After easing the tension over the political scandal in Japan, where the Japanese Prime Minister was implicated, the Japanese yen began to actively recoup lost ground. The exception was not the Australian dollar, which especially feels the flight of investors, safe assets and a decrease in the cost of raw materials.

In addition to fundamental factors, the formation of the figure “head and shoulders” serves as a signal for the sale of the AUD / JPY pair, which is limited to the level of 83.60-50. Fixing the cross below this level will indicate the development of the figure and further decline of the pair to the support levels: 83.00 and 82.70, which may also indicate the resumption of the downward trend from the beginning of this year, in the longer term. Resistance is located on the mark: 84.00 and 84.30.

AUD / JPY Graph. The current price is 83.50.

Ganzenko Anton