My next for pick for the day is the Australian dollar against the Japanese yen. This forex pair broke out from a 3-week double bottom formation the other day as seen in its 4-hour chart above but hasn’t continued its swing up. It actually went back down after finding some resistance at 89.59. However, there could be a bounce from the double bottom’s former resistance and if it’s successful, the Aussie could rise against the yen once more. Before it does, it first needs to clear out the next resistance. Then off to the 93.00 area. On the downside, the immediate stronghold could be the double bottom’s support. If that gets breached, the next support could be 87.20.
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