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AUDJPY Reversal Pattern

Discussion in 'Forex Daily News & Outlook' started by ChartSecret, Sep 17, 2009.

  1. ChartSecret

    ChartSecret New Member

    Joined:
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    AUDJPY has formed a Broadening Megaphone chart pattern - which is a strong reversal pattern that usually leads to a breakout downwards. This pattern consists of two expanding trend lines that suggest that the trend is not symmetrical (as in Channel, whose trend lines are parallel).
    Pattern is also confirmed by strong Resistance at 80 which is close.

    Trading:
    Short trades will be issued on the breakout of the megaphone, and on pullback to the Support trendline.

    Analysis Source:
    http://www.chartsecret.com/content/audjpy-reversal-chart-pattern
     
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