InvestMate|AUD/JPY Change of trend?🦘

🦘AUD/JPY Change of trend?

🦘Why I think a trend reversal on the AUD/JPY pair is highly likely.

🦘All due to what I believe is a forecast for the Japanese Yen to strengthen in the coming months.

🦘 Which could lead to declines on most pairs with the Japanese. I have already written about EUR/JPY:

🦘I will describe in turn all the technical analysis tools I used in my analysis.

🦘At the very beginning, I determined the channel of the uptrend and indicated a zone that covers several months in which the price struggled to reach new highs

🦘 Then I determined the fibo waves from bottom to top in order to find interesting support points

🦘 I also measured the last downward wave using the fibo to find points of resistance

🦘Based on the 0.382 fibo level of the whole upward wave and the point where the price accumulated for a longer period, I determined a support zone.

🦘Based on the level of 0.618, and taking into account that the price started its downward slide from this level, I determined a resistance zone.

🦘The scenario I am playing out is a gradual descent of the price lower and lower in order to make a correction in the current uptrend.