JPYAUD, Resistance Above, Possible Dobble Top Forming!

Hello, Traders Investors And Community, welcome this analysis about the current situation in the JPYAUD and what we can expect the next hours and days. There are some important issues we can see currently and will affect the price in the next time. JPYAUD had a strong bullish run from 60 to 70, both are important psychological levels where we can expect a reversal to the up or downside. We are looking at the local 4-hour timeframe.

As you can see in my chart JPYAUD is building a possible dobble top with the first top already realized with the strong resistance at the 70 levels where we had this bearish move and forming the neckline of the overall possible dobble top formation. At the moment we see an amazing similarly in the price structure seen at forming the first top. The importance here is that we first touched the 400-EMA in orange before finally going down and closing below the 300-EMA to form the likely neckline at 67.65, there is a high likelihood given that we confirm this scenario again to form the second top.

When we confirm the second top to the downside as seen in my chart the overall dobble top formation will only be fully confirmed when we cross the neckline to the downside and confirm it as the solid resistance in that structure otherwise we can still confirm the neckline as local support and from there move higher with the underlying bullish trend. When we cross the neckline and confirm it to the downside the minimum target at 65.1 you can see in my chart marked in orange will be realized.

Overall we can point out that JPYAUD is still in a correction phase which does not end so far. Yes, we had a strong up-move from 60 to 70 but this movie is in correction currently, therefore, the dobble top scenario gets validated. After we completed the correction there is still potential to move higher for JPYAUD but this scenario has to be confirmed properly. This is what wise traders should always do in today's markets, to wait for the proper confirmation before rushing into a bad trade, and depending on mere speculation we see too often in this market-environment.

Thanks for watching, support for more market insight, and a good weekend, everybody! ;)
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Information provided is for educational purposes only and should not be used to take action in the markets.