The counter AUDJPY is in the ascending triangle from 26th November. A flat-top resistance line and a support trend line together forms an ascending triangle. Today the counter has made entry in the support trend line at the price 76.49 and it'll be the right time to place your positions. The price is moving upwards, which means long is preferable for this...
Price once again takes the support from 74.100 levels and moving towards the trend line running from the top.
Expect a rejection from the trend line towards the support, and if takes same level as support then one can expect the trend line break, consider it as triangle pattern and trade accordingly.
After an impulsive move the pair went through a complex correction. The present rally looks like an impuslive suggests that AUDJPY is in the phase of unfolding its 3rd wave. Remember the 3rd wave is the strongest one.
The fundamental factor causing the negative pressure on JPY and the industrial outputs are stumbling and BOJ are in the verge to cut the rates in coming months
this pair currently trading at 76.350 level and may retrace back towards 75.850
There we may open the buy orders and potential take profit will be 78.650. Its a 280 pips target.
Stop lose may placed...
The 4-hour of AUD/JPY indicates that the pair is currently in a sideways pattern.
The stochastic indicator has made a bullish crossover from the oversold area.
Hence we expect the buyers to take a firm hold of the pair and move the pair towards the zone of 82.588.