AUD/JPY drops after Hikkake pattern | Forex Factory

  • AUD/JPY drops after Hikkake pattern

    From fxstreet.com

    The Australian dollar fell to three-week lows against the Japanese yen overnight Wednesday, as AUD/JPY managed to push below support at 82.55 (21-day EMA) to extend as low as 82.18 before closing the North American session down 0.6% at 82.46. On Tuesday, the false break of 83.50 resistance produced a bearish Hikakke pattern print on the Daily chart, a technical price action pattern that can signal when price may be set for a correction; it also formed in the 61.8% Fibonacci retracement zone of the 88.64/74.48 downswing. In the session ahead, China manufacturing PMI data will be key risk event for AUD given China and ... (full story)

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Subdude
Aug 22, 2012 4:58pm
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Is the Hikakke pattern similar to the Bukkake pattern?
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greed
Aug 22, 2012 5:03pm
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Quoting Subdude
Is the Hikakke pattern similar to the Bukkake pattern?
LOL!
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Fx-BigDog
Aug 22, 2012 5:25pm
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The AUDJPY had set up a double top and after moving away from a 382 fib retracement and failing to hold above the swing high, the market was setup for a deeper retracement as discussed in theforexdoghouse.com this morning. The key now is stay above the 81.35 low to continue to the 84.49 target.
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Trader#478A
Aug 22, 2012 5:02pm
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The spike down was probably cause by the panic of BB speak of QE3. Since now market is excepted QE3 soon. Is going to be hard for AUD to fall unless the market disappoint of no QE 3.
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