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managingchaoscapital

AUDJPY - June/July/August - Technical violation?

Short
Australian Dollar / Japanese Yen (FX:AUDJPY)  
managingchaoscapital  
FX:AUDJPY   Australian Dollar / Japanese Yen
AUDJPY aud jpy
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audjpy aud jpy
AUDJPY seems like it has broken under its long term bullish trend move from 4Q in 2016. It is currently resting at the broken trend support which is now acting as resistance. Should this violation of the trend support hold, we may see a bearish few months in the AUDJPY pair.

Cross pair analysis supports the view with USDJPY also breaking its long term bullish trend and now trading under the broken support. However, retraces in USDJPY are to be expected.

This could prove to be a good place to trade with a solidRisk Reward. Should the pair not break 82.700-83.000 it should confirm a bearish trend.

Safe and Successful Trading.
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