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AUDJPY: The END of the Ascending Channel is CLOSE

Short
FX:AUDJPY   Australian Dollar / Japanese Yen
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🟢Forex Pair:
AUD/JPY

Technical Analysis:
In the weekly time frame, since the end of March 2020, the price has been moving following a strong uptrend, boucing in November 2020 on its dynamic trendline.
It has currently reached an important support zone and there is a possibility of a trend correction.

In the daily time frame, the price is still moving with a strong uptrend and just few days ago it reached and got a rejection on the resistance level at about 80.646.

In the h4 time frame, the price got a double rejection on the support zone at about 81.000 and it's currently very close to its dynamic support line of the ascending channel .
The next price action around this zone will be essential to understand the next market movement and if eventually it will be able to break through its channel.

🔴Conclusion:
The possible double top created around the support zone at about 81.000 could be an interesting sign of market reversal.
I'm confident to see the price getting a small trend correction before retesting and eventually breaking through its dynamic support line of its ascending channel .
I'll plan my next short trade once the price will break and pullback on the channel's S/R level and my target would be on the main support around the level 78.500.

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⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️

Trade Safe and Responsibly,
Gianni

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Comments

Nice one, thanks
+1 Reply
FXtrades-gp Mahtab_Tradia
@Mahtab_Tradia, Thank you!
Reply
Marvelous! Your help counts.
+1 Reply
@abel11 I really appreciate your feedback 😁
Reply
Waiting for this patiently too 🙌
+1 Reply
FXtrades-gp TheSignalyst
@TheSignalyst, yep, me too! let's see and thanks for your feedback! I always appreciate it! :)
Reply
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