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FxGitman
Oct 30, 2021 11:35 PM

AUDJPY TO THE MOON? Long

Australian Dollar/Japanese YenFXCM

Description

AUDJPY's bullish momentum has been on steroids. The pair was in an uptrend, found support at the 61.8 fib level "the golden zone" and headed higher to the previous resistance. Shorting this pair might not be the right call. First, it touched the 61.8 fib and reversed immediately. This indicates the downtrend was just a retracement to go higher. Second, the resistance is gradually getting weak as price is rising steadily inside it with no reversal patterns forming. It is only a matter of time before it shoots to the sky and aim for the next resistance which is around 89.000.
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