Silver Is Retracing

Silver is clearly currently retracing after forming a spinning top candlestick above the support at 15.15 on the four-hour time-frame and bouncing off from it. The pair may have found some resistance at 15.60 and has formed another spinning top below it on the same time-frame, so there will likely be a move to the downside, probably towards 15.30, but the retracement will likely continue once that is over. Its target is likely at the resistance at 15.70 which is the (MA)89 indicator on the four-hour time-frame again. If the precious metal breaks out above that level it will probably continue moving to the upside towards 16.00.

EUR/JPY Continues Falling

EUR/JPY reached a high at 137.50 and after forming a shooting star candlestick and a hanging man candlesticks on the daily time-frame the pair bounced off from that resistance. The overall move to the downside likely continues despite the latest rally, as the pair has formed another shooting star candlestick, this time on the weekly time-frame, at 132.00 and bounced off from that level as well. The closest target before the pair is at 129.00, which is the (MA)89 indicator on the same time-frame. If the pair manages to break out below that support level it will likely continue moving to the downside towards 126.55 which is the last low.

AUD/JPY Formed a Double Bottom

AUD/JPY bounced off from the resistance at 83.90 and continued falling towards 82.20 after it formed a rather impressive shooting star candlestick at that level on the four-hour time-frame last week. Although the pair formed just as impressive hammer candlestick at the aforementioned support on the same time-frame it continued moving to the downside, so now the question is whether there will be a breakout or will it form a double bottom.  If the pair breaks out below 82.20 it will likely continue falling towards 81.60. On the other hand, if it forms a double bottom and bounces off from the support it will likely retrace back towards 82.70, which is the (MA)89 indicator on the four-hour time-frame.