Daily Forex Update: AUD/JPY

Despite the strong downtrend that preceded the current congestion on the AUD/JPY’s 60-minute chart, near-term support may prevent follow-through as prices attempt to continue lower through 77.78 (E). The Pennant Completed Pattern alert that has formed triggered a short-sell through the pattern’s uptrend line support. This situation calls for an Autochartist Initial Movement/Momentum (AIM) sell entry, best confirmed by both a strong Autochartist Breakout reading and a negative reading on the MACD Histogram indicator.