🦘AUD/JPY May break out

🦘AUD/JPY May break out.

🦘My perspective on the AUD/JPY pair has changed as a result of the in-depth analysis I have done.

🦘In the current post I would like to share with you my perspective for the coming weeks.

🦘As you can see from the chart AUD/JPY has been stuck in a accumulation, for a good 7 months.

🦘Looking at the behaviour of other pairs with the Japanese Yen, I allow myself to think that we may yet see new peaks on the AUD pair.

🦘The price is currently forming a triangle formation.

🦘I am very curious if we will see a sharp breakout upwards.

🦘That's what I would expect after such a long accumulation and a returning desire to weaken the Yen.

🦘Target I see near the resistance zone, determined by the outer fibo level of 1.618 of the entire largest recent downward wave.

🦘There is also local resistance ahead, determined by where the price has repeatedly turned back.

🦘I determined the support zone based on the cluster of fibo levels 0.618 of the entire wave of the largest downward correction and 0.5 of the entire upward wave following this correction.

🦘The scenario I am playing out is a gradual strengthening of AUD against JPY and an exit from the accumulation to set new highs, but I do not exclude taking a smaller target if the situation stops looking as I assumed.

🦘I will add an update post if there is a change in my perspective.

🦘 *Please do not suggest the path I have drawn with the lines this is only a hypothetical scenario.

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