AUDJPY has, in my opinion, finally run out of steam in this impressive rally.
We have seen 8 daily wick REJECTIONS of that pink highlighted resistance, which has in turn, formed a rising wedge, a bearish reversal pattern. Just above these wicks is the daily 800EMA also adding more bricks to that ceiling as well as the completion of the Eliot Impulse Wave (albeit a weak wave).
Selling confirmation below the break of the wedge and the closure below the 23.6% Fibonacci Level.
Targets are the usual 61.8% Fib pullback and the key 73.00 level.
We have seen 8 daily wick REJECTIONS of that pink highlighted resistance, which has in turn, formed a rising wedge, a bearish reversal pattern. Just above these wicks is the daily 800EMA also adding more bricks to that ceiling as well as the completion of the Eliot Impulse Wave (albeit a weak wave).
Selling confirmation below the break of the wedge and the closure below the 23.6% Fibonacci Level.
Targets are the usual 61.8% Fib pullback and the key 73.00 level.
