The sudden plunge in USDJPY has raised talk that the BoJ ambushed the market with covert intervention.
In any case, the break of 163.00 makes this level pivotal in dictating whether the focus shifts to 162 and below ir is back to 164. Low so far 162.29.
Tested both sides of its 3998-4116 range (double bottom,. double top) making 4000-4100 sort of a no man’s land for trading but likely with support as long as it stays above 4000.
(Amazing Trader 4 hour chart)
Trying to break a 7-day pivot around 114, which would be bullish but only confirmed by a move above 1.1482.
To keep a bid focused on 1.1482 (AND 1.15) and away from 1.14, 1.1435, yesterday’s breakout level and today’s low, needs to hold as support.
While repeated attempts to test the 7375 low fhave so far failed, downside stays at risk unless 7491-00+ is regained.
Just in case, little on charts below 7375 until 7300.
Consolidating after pausing above yesterday’s 27444 low (low 27484). Next key chart support is sub-27K.
To cool the downside risk, 28+ (tested earlier toiday)would be needed but to negate it, moves above 28585 and the 4-hour trendline would be needed.
Pattern around 1.14 extended to7 days in a row.
Range over this period has been 1.1353-1.1435.
Momentum still pointed down but currently trapped by a double bottom (4010-11) and double top (4047.
Key levels outside of it are at 3998 and 4055 + the down trendline.
AUDUSD break of a 9-day pivot around .7000 = bearish (see prior posts highlighting this pattern)
Break of .6962 (range low over this period) exposes .6906 as a potential target
Nothing to get excited about unless key levels at 61230 ore 67220 are taken out.
Pause above 62K suggests 62-65K is sort of a no man’s land (i.e. lacking momentum) for trading.
Pattern: 5 down days )red candles) in a row. Pattern would need to be broken before considering the low is in.
Watch the 100 day mva (blue line, 27787), testing below it.
