Hello Fellow Forex Traders, Here is a technical analysis of AUDJPY!
The recent price action of AUDJPY indicates a potential continuation of the bullish trend as it has consistently rebounded from the EMA90 line. Moreover, we can observe the formation of a falling wedge pattern, followed by a trendline breakout. This breakout suggests the likelihood of an upward movement soon. To further support this possibility, the MACD indicator has formed a golden cross, which typically signifies a bullish trend, indicating a potential upward movement toward the target area.
Upon reaching the first target/resistance level, a potential correction scenario may occur before going to the second target.
It is important to keep in mind that once the target/support area is reached, the roadmap provided may no longer be valid.
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"Disclaimer: This analysis is intended solely for educational purposes and should not be considered as a recommendation to take a long or short position on the FX:AUDJPY currency pair."
Wishing you successful trading endeavors!
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JPYBASKET has continued to make lower highs and lower lows. It seems the bearish trend still overtakes the market :(