AUDJPY - 240 - Still trying to push higher
Trade Alert
A nice good pop above the 81.94 barrier could put a positive spin on the pair at least for short-run and AUDJPY could easily get pushed by the bulls towards the next key resistance area at 82.50, marked by the peak of the 26th of September. If that area is not capable of stopping the pair from moving higher, such a move could open the way towards the 82.80 hurdle, which held the rate down on the 8th of August. If AUDJPY struggles to overcome the 81.94 barrier and then retraces back down, still, not all is lost for the bulls, as the pair would remain above the aforementioned short-term steep upside line, which could provide some additional support.
On the downside, for us to start examining lower level, we would need to see, not only a drop below the steep upside line, but also a break below the 81.00 level, marked by the intraday low of the 1st of November. This is where more bears could join in the party and lead the way towards the next potential area of support at 80.60, a break of which could push AUDJPY a little bit lower, to test the 80.40 obstacle, marked by the high of the 30th of October.
Always have your SL in place
A nice good pop above the 81.94 barrier could put a positive spin on the pair at least for short-run and AUDJPY could easily get pushed by the bulls towards the next key resistance area at 82.50, marked by the peak of the 26th of September. If that area is not capable of stopping the pair from moving higher, such a move could open the way towards the 82.80 hurdle, which held the rate down on the 8th of August. If AUDJPY struggles to overcome the 81.94 barrier and then retraces back down, still, not all is lost for the bulls, as the pair would remain above the aforementioned short-term steep upside line, which could provide some additional support.
On the downside, for us to start examining lower level, we would need to see, not only a drop below the steep upside line, but also a break below the 81.00 level, marked by the intraday low of the 1st of November. This is where more bears could join in the party and lead the way towards the next potential area of support at 80.60, a break of which could push AUDJPY a little bit lower, to test the 80.40 obstacle, marked by the high of the 30th of October.
Always have your SL in place