Hey Traders, AUDJPY is trading in a descending channel, in the coming week i expect JPY to continue outperforming AUD as JPY is considered a safe haven in time of uncertainty in the Forex Market so it may continue to strengthen against commodity currencies and as Reserve Bank of Australia attend an 11 Years interest rate high that open a door for a pause and signals dovish interest rates hikes the coming meeting. so AUDJPY shorts should be a perfect catch. Technically we have noticed that AUDJPY is approaching the descending channel resistance so i will be watching a potential reversal around 89 resistance zone. and i would be targeting the channel support. feel free to ask any question in the comment section. Trade safe, Joe.
around 87 there is some strong support in the daily and 4h do you think it will pass that? or maybe we can TP just around that to make sure it will hit the target? Thanks for sharing really liked the idea! (:
JoeChampion
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@vita2000lev, When strong fundamentals exist technicals are not taken in consideration.