{"id":63180,"date":"2014-11-05T11:42:50","date_gmt":"2014-11-05T16:42:50","guid":{"rendered":"http:\/\/countingpips.com\/?p=63180"},"modified":"2014-11-05T11:43:33","modified_gmt":"2014-11-05T16:43:33","slug":"audjpy-signals-bearish-correction","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2014\/11\/audjpy-signals-bearish-correction\/","title":{"rendered":"AUD\/JPY Signals Bearish Correction"},"content":{"rendered":"<div id=\"inves-233311558\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">November 5, 2014<\/div><hr style=\"border: none; border-bottom: 3px solid black;\">\r\n<\/div><\/div><p>Technical Sentiment: <strong>Bearish<\/strong><\/p>\n<p><strong>Key Takeaways<\/strong><\/p>\n<ul>\n<li>AUD\/JPY turned lower after briefly touching 99.50 in early trading on Wednesday;<\/li>\n<li>Large Bearish Engulfing Bar is forming on the daily timeframe;<\/li>\n<li>Price action currently probing previous Higher Lows around 98.00\/25;<\/li>\n<li>JPY Monetary Policy Meeting Minutes and AUD Unemployment Rate due to be released later tonight;<\/li>\n<li>50 is a likely initial target if this correction leg is confirmed.<\/li>\n<\/ul>\n<p><em>The AUD\/JPY is seeing a quick reversal on Wednesday as Australian Dollar was sold-off broadly across the board. A break below 98.00 will likely be a catalyst for extended losses down to 96.50.<\/em><\/p>\n<p><em>\u00a0<\/em><\/p>\n<p><strong>Technical Analysis<\/strong><\/p>\n<p><img decoding=\"async\" src=\"http:\/\/capitaltrustmarkets.com\/wp-content\/uploads\/2014\/11\/AUDJPY5thNovember.jpg\" alt=\"AUDJPY5thNovember\" \/><\/p>\n<p>After a bullish swing spanning 3 weeks and 800 pips, from 16<sup>th<\/sup> October low at 91.74 up to 99.70 high priced today, AUD\/JPY buyers are finally releasing their stronghold on the pair. This is the first true bearish reactions to a resistance level we have seen so far, coupled with a great location, as price bounced off a very strong price pivot area formed early in 2013. Later tonight, a continuation below 98.00 should provide sufficient confirmation that sellers are in change.<\/p>\n<p>Spot is currently trading at 98.36 during the first half of 5<sup>th<\/sup>\/11 U.S. trading session, testing daily lows from Monday and Tuesday. JPY weakness is also likely to take a temporary step back, with xxx\/JPY pairs receding after touching major resistance levels on the daily timeframe.<\/p><div id=\"inves-945314519\" class=\"inves-in-content inves-entity-placement\"><hr style=\"border: 1px solid #ddd;\">\r\n<div id=\"inpost_ads_header\">\r\n<p style=\"font-size:10px; float:left; color:#666;\">Free Reports:<\/p><\/div>\r\n<div id=\"inpost_ads\"> \r\n<p style=\"font-size:15px; float:left;\"><a href=\"https:\/\/goo.gl\/1ApBOV\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/investmacro.com\/wp-content\/uploads\/2018\/06\/graph_techs_PD.png\" align=\"left\" width=\"80\"  height=\"55\"\/><\/a>\r\n\t     <a href=\"https:\/\/goo.gl\/1ApBOV\"><b><u>Get Our Free Metatrader 4 Indicators<\/u><\/b><\/a> - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter<\/p><br><br>\r\n<br>\r\n<br>\r\n<p style=\"font-size:15px; float:left;\"><a href=\"https:\/\/goo.gl\/f3RrHX\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/investmacro.com\/wp-content\/uploads\/2019\/01\/cot_pie_80.png\" align=\"left\" width=\"80\"  height=\"55\"\/><\/a>\r\n\t    <a href=\"https:\/\/goo.gl\/f3RrHX\"><b><u>Get our Weekly Commitment of Traders Reports<\/u><\/b><\/a> - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.<\/p><br><br>\r\n<\/div>\r\n<hr style=\"border: 1px solid #ddd;\">\r\n<br><\/div>\n<p>At last, Stochastic, showing overbought conditions that indicate a dire need for a correction, has a secondary confirmation in the shape of a large Bearish Engulfing price action bar. A Daily close below 98.30 is preferred, followed by a bearish break on Thursday. We see a large pivot level backed up by 38.2% Fibonacci retracement located at 96.50\/66. This area is likely to be targeted within several trading days if price action confirmed a break lower.<\/p>\n<p>Australian Employment Rate is expected to remain steady at 6.1%, which would leave our bearish AUD\/JPY bias intact.<\/p>\n<p>*********<br \/>\nPrepared by Alex, Currency Strategist at <a href=\"http:\/\/www.capitaltrustmarkets.com\">Capital Trust Markets<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Technical Sentiment: Bearish Key Takeaways AUD\/JPY turned lower after briefly touching 99.50 in early trading on Wednesday; Large Bearish Engulfing Bar is forming on the daily timeframe; Price action currently probing previous Higher Lows around 98.00\/25; JPY Monetary Policy Meeting Minutes and AUD Unemployment Rate due to be released later tonight; 50 is a likely [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-63180","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/63180","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=63180"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/63180\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=63180"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=63180"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=63180"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}