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AUD/JPY: hammer after pull-back, indicating possible bullish resumption

   
The AUD/JPY pair has pulled-back after bullishly breaking out of a right-angled triangle.

The pull-back is expected to be temporary. Price has formed a bullish hammer candlestick on the 10-MA on strengthening momentum. This is a signal the trend will probably go higher.

A break above the hammer highs at 96.81 would probably provide confirmation of more upside, to a target at 97.51, calculated using the length of the hammer extrapolated higher.

This trade is supported by a fundamental backdrop of an improved outlook for commodities which are bullish AUD but bearish JPY.
AUDJPY14

   
The AUD/JPY pair has pulled-back after bullishly breaking out of a right-angled triangle.

The pull-back is expected to be temporary. Price has formed a bullish hammer candlestick on the 10-MA on strengthening momentum. This is a signal the trend will probably go higher.

A break above the hammer highs at 96.81 would probably provide confirmation of more upside, to a target at 97.51, calculated using the length of the hammer extrapolated higher.

This trade is supported by a fundamental backdrop of an improved outlook for commodities which are bullish AUD but bearish JPY.
AUDJPY14



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