Previous AUDJPY analysis was very profitable. I indicated flag pattern and direction of breakout. I wrote: ‘Flag is a pattern of trend continuation which means that price should break below lower limit of the flag according to a main downtrend’. As you can see breakout occurred and price sharply moved down. After rebound, since mid-January decline continues and yesterday price tested support at 77.60. Right now rebound should also occur – in last 9 days price declined without one day of stronger break. Yesterday’s daily candle with long bottom shadow gives a hope that rebound will start right now. Nearest supports are at 79.60, 77.70, 74.80. Nearest resistances are located at 82.20, 83.60, 84.70, 85.60.
Time- frame D1
