The Monthly is bearish and is looking as though it wants to form a head and shoulders.
The weekly is proving that there is resistance that first needs to hold the bullish commitments at this juncture.
The daily chart has a strong bullish bias while holding above a strong support structure along with the ascending trendline support.
Monthly chart
The above chart shows a potential reversal head and shoulders pattern in the making, offering downside target opportunities for the bears.
Weekly chart
The weekly chart is showing that the bulls are trying for a second attempt a the resistance. Should they fail, the prospects for the head and shoulders are sound.
Daily chart
The daily support structure is a confluence of higher lows, the support trendline and a restest of the structure which confirms a bullish bias.
However, should the same confluence breakdown, then bears will be looking to take over in the barroom brawl zone and a shorting opportunity on a retest of broken support structure turned resistance. #AUD/JPY##FX#
Reprinted from FXStreet，the copyright all reserved by the original author.
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