Sunday, September 30, 2012

AUDJPY Head-and-Shoulder in Making


A bird'e eye view at AUDJPY daily chart revels a potential Head-and-Shoulder pattern in making. Left shoulder comes at 5-July high and then pair bottomed on 25-July. It then went to set a new high to form head at 16-Aug high of 83.49. After that price roughly pulled back to previous bottomed area and then went up to form right shoulder on 14-Sep high at high of 83.07.
 

This price action makes a potential head-
myfxvoyage AUDJPY Dailyand-shoulder in making but it would require a break below neckline. It will also suggest a long term top in making. 



myfxvoyage.blogspot.com AUDJPY Head-shoulderUpdates on 3-Oct-12: Price getting bounce from neckline. A break below it should accelerate the decline.



myfxvoyage.blogspot.com AUDJPY Head-shoulder
AUDJPY Daily
Update on 9-Oct-12: Price bouncing from neckline again. Although for a moment, price did dip below the neckline, but daily closes above the neckline. I will go short on daily close below the neckline.







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