{"id":51003,"date":"2014-05-15T23:04:31","date_gmt":"2014-05-16T03:04:31","guid":{"rendered":"http:\/\/countingpips.com\/forex-news\/?p=51003"},"modified":"2014-05-15T23:04:31","modified_gmt":"2014-05-16T03:04:31","slug":"audjpy-sell-off-continues-bullish-channel-at-risk","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex-news\/2014\/05\/15\/audjpy-sell-off-continues-bullish-channel-at-risk\/","title":{"rendered":"AUD\/JPY Sell-off Continues, Bullish Channel At Risk"},"content":{"rendered":"<p>Technical Sentiment:\u00a0<span style=\"color: #ff0000;\"><strong>Bearish<\/strong><\/span><\/p>\n<p><strong>Key Takeaways<\/strong><\/p>\n<ul>\n<li>AUD\/JPY continues sell-off after failing to make a Higher High;<\/li>\n<li>A break of the bullish channel will open the way towards 94.00 and 93.30.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><em>It was a risk-off day on Thursday as investors<\/em><em> shy away from the yield that AUD provides, preferring the safety of US bonds instead. AUD\/JPY sell-off continued for a second day, and it has now reached a point where it is testing the support trendline of this year\u2019s bullish channel and the 50-Day Moving Average. If price fails to rebound higher immediately, then the uptrend will be invalidated and a major correction will ensue.<\/em><\/p>\n<p><em>\u00a0<\/em><\/p>\n<p><strong>Technical Analysis<\/strong><\/p>\n<p style=\"text-align: justify;\"><img decoding=\"async\" src=\"http:\/\/capitaltrustmarkets.com\/wp-content\/uploads\/2014\/05\/AUDJPY-16th-May.png\" alt=\"AUDJPY 16th may\" \/><br \/>\nDue to the recent failed attempts to beat April\u2019s high, AUD\/JPY is currently forming a short-term descending broadening wedge pattern. Movements have so far remained contained within this year\u2019s bullish channel, but that may not be the case for long if the sell-off continues.<\/p>\n<p style=\"text-align: justify;\">AUD\/JPY already broke below the support trendline before climbing back above 95. Even so, with the 50-Day Moving Average offering immediate support, it is imperative we see Thursday\u2019s low of 94.71 broken before we exclude a bullish bounce.<\/p>\n<p style=\"text-align: justify;\">Below 94.71 and the 50-Day Moving Average, the first target will be 93.90-94.04 (support of the wedge formation and an old resistance which may turn into support). Alternatively, at 93.27, where the 100-Day Moving Average coincides with 61.8% Fibonacci retracement on March-April upswing, we could see a temporary bounce and small correction upwards.<\/p>\n<p style=\"text-align: justify;\">The upside is currently capped around 96.09. Having made two Lower Highs already, and with no bullish price action patterns, there is no way to call for a return of the uptrend until AUD\/JPY actually forms a Higher High above 96.09. Above this level and on a break of April\u2019s high of 96.50, the uptrend could extend towards 98.15 (61.8% Fibonacci on the downtrend from 105.42 to 86.40) and 99.15 (current resistance of this year\u2019s bullish channel).<\/p>\n<p>*********<br \/>\n<em>Prepared by Alexandru Z., Chief Currency Strategist at <\/em><a href=\"http:\/\/www.capitaltrustmarkets.com\/\"><em>Capital Trust Markets<\/em><\/a><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Technical Sentiment:\u00a0Bearish Key Takeaways AUD\/JPY continues sell-off after failing to make a Higher High; A break of the bullish channel will open the way towards 94.00 and 93.30. It was a risk-off day on Thursday as investors shy away from the yield that AUD provides, preferring the safety of US bonds instead. AUD\/JPY sell-off continued &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.investmacro.com\/forex-news\/2014\/05\/15\/audjpy-sell-off-continues-bullish-channel-at-risk\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;AUD\/JPY Sell-off Continues, Bullish Channel At Risk&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-51003","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/posts\/51003","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/comments?post=51003"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/posts\/51003\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/media?parent=51003"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/categories?post=51003"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/tags?post=51003"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}