A bearish pattern is currently forming on the AUD/JPY 15min
Chart. There are several reasons that we are looking for resistance at
81.51. The entry is located near the convergence of the
following levels: 50% of 01, 127.2% of AB, and 1A=BC. Therefore, our
entry would also fulfill the criteria needed
for a bearish Gartley
pattern. The trade is invalidated
the pair drops to 80.76 before
reaching the entry.
The pattern suggests selling the AUD/JPY if it rallies to 81.51 (Point D).
Point D is located at the convergence of the following points:
50% Fibonacci retracement of 01. 127.2% Fibonacci extension of AB.ABC pattern.
To recap, the pattern suggests selling the AUD/JPY at 81.51 with our stop
placed at 81.71. Our initial profit target is 81.11 (61.8% of BC).
|15min Chart - Sell AUD/JPY at 81.51.|
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