Potential “M” Pattern Formation on AUDJPY and USDJPY Currency Pair!

Here we have another Potential “M” Pattern Formation on AUDJPY and USDJPY Currency Pair..Like I promised in my last post; I said more examples of such patterns will be posted,so that we can all see how how potent this patterns are…see images below:

 

Below is an update of what transpired has got to the entry zone in this case the support level.Firstly on the image below is USDJPY currency pair…

We can see that huge volume candle,indicating the bearish dominance. So possible trade action would be for us to wait for a full swing back to that resistance level(formerly support) and ride with the bearish trend.

Finally on AUDJY… Price has broken the support level,but the candle is yet to close so one cannot tell if it will be a fakey or a break-out…

I shall keep you all posted as event unfolds…comment and share this post!