AUDJPY Reversal Chart Pattern

A broadening Megaphone pattern has appeared at the AUD\JPY pair. This is a strong reversal pattern that consists of two expanding trend lines - and usually leads to a breakout downwards. In case of the unlikely event that price touches Resistance again, enter short. Price will probably not bounce again on Support - and break downwards soon. Traders can time their short trades on pullback to the support trendline. Pattern has also occured near strong Resistance of 80 - a strong round level that empowers the reversal signal.