Here we have the beginning of a correction wave from the recent rally of the Aussie-Yen (or, at the very least, consolidation). A pivot
area can be seen at 85.47. The pattern on the left shows the potential the crab
formation with the PRZ just above 85.62, while the chart on the right shows general movement around a rough directional trend line
. Should this pattern complete itself, price will edge closer to the pivot
area before bouncing into the impulse. Although RSI
on the 1hr chart shows an oversold pair, the 4he chart is yet to break to an oversold level. I suspect that price may spike before the bounce. Crab
ratios are all being met- the wicks show price being rejected at every retracement level.. brilliant.