AUDJPY: Riding the Bullish Wave as the Yen Creates New Low
Hi Fellow Forex Traders,
AUDJPY has broken out of the falling wedge pattern, continuing its bullish price movement above the EMA200 line. Subsequently, the price formed a breakout pennant pattern, which suggests a continuation of the bullish trend. The MACD indicator has also produced a golden cross, confirming a potential upward movement towards the target area. We are also anticipating a possible pullback scenario after reaching the first target, followed by a continuation of its upward trajectory towards the second target.
Other Technical Factor
The JPYBasket is currently trading below the EMA200 line. This is followed by an impulsive breakout of the pennant pattern, further bolstering the upside movement of the Aussie Yen.
It is essential to note that the analysis will no longer hold validity once the target/support area is reached.
Please support the channel by engaging with the content, using the rocket button, and sharing your opinions in the comments below!
Disclaimer:
"Please note that this analysis is solely for educational purposes and should not be considered a recommendation to take a long or short position on
AUDJPY
."
AUDJPY has broken out of the falling wedge pattern, continuing its bullish price movement above the EMA200 line. Subsequently, the price formed a breakout pennant pattern, which suggests a continuation of the bullish trend. The MACD indicator has also produced a golden cross, confirming a potential upward movement towards the target area. We are also anticipating a possible pullback scenario after reaching the first target, followed by a continuation of its upward trajectory towards the second target.
Other Technical Factor
The JPYBasket is currently trading below the EMA200 line. This is followed by an impulsive breakout of the pennant pattern, further bolstering the upside movement of the Aussie Yen.
It is essential to note that the analysis will no longer hold validity once the target/support area is reached.
Please support the channel by engaging with the content, using the rocket button, and sharing your opinions in the comments below!
Disclaimer:
"Please note that this analysis is solely for educational purposes and should not be considered a recommendation to take a long or short position on
AUDJPY
."
Comment:
JPYBASKET: Moving below the EMA200 line and Bearish Trendline
Comment:
Daily Timeframe Analysis: Inline with our perspective, breakout of upper trendline & Rebound on the blue zone
Comment:
Hit Target 1, Will it reach the second target?
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