Fri, Aug 19, 2022 @ 13:48 GMT
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Today’s top mover: AUD/JPY completed double bottom, medium term trend in bullish reversal

AUD/JPY is so far the biggest gainer today, up 32 pips or 0.39% at the time of writing.

The cross experience quite significant technical development this week. The break of 82.50 resistance completed a double bottom reversal pattern (78.67, 78.65). Bullish convergence condition is seen in daily MACD. And it drew support from 61.8% retracement of 72.39 to 90.29 at 79.22. Adding all together, the down trend from 90.29 should have completed at 78.56. The structure suggests fall from 90.29 to 78.56 is a corrective move.

Now, near term outlook will remain bullish as long as 81.94 support holds. Sustained break of 38.2% retracement of 90.29 to 78.56 at 83.04 will have 55 week EMA firmly taken out too. In that case, further rally should be seen to 61.8% retracement at 85.80 and above. From a longer term perspective, such development would also argue that rise from 72.39 is resuming and raise the chance of breakthrough through 90.29 in medium term.

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