AUD/JPY: Bear Flag Failing; 89.80, 89 Horizontal Support Next
AUD/JPY continues to crumble, breaking beneath bear flag diagonal support
and potentially setting off the final, 1000-pip leg of a measured move down
begun with late April's highs around 102. Intra-pattern horizontal support
at 89 and 89.80 (note the April 2011 high) present potential failure points.
If these levels clear, there's major horizontal support (which was admittedly
blown through in December 2012) at 87.50; then nothing until 83 and finally
the measured move target between 79-80. See larger (weekly) related chart
for wider context here:
and potentially setting off the final, 1000-pip leg of a measured move down
begun with late April's highs around 102. Intra-pattern horizontal support
at 89 and 89.80 (note the April 2011 high) present potential failure points.
If these levels clear, there's major horizontal support (which was admittedly
blown through in December 2012) at 87.50; then nothing until 83 and finally
the measured move target between 79-80. See larger (weekly) related chart
for wider context here:
