Good morning traders, today we bring you a long-term analysis of the AUD/JPY pair, since it is in a critical zone.
🔸Speaking a bit of context, we see that this year the price broke up the Bearish Channel, which is a strong bullish signal.
🔸After that break, there was no interesting Supply Zone, so it had a clear path to the current price level.
🔸The area that it is facing right now is a Resistance Zone that throughout 2018 could not penetrate to the upside, and finally started a great bearish momentum after bouncing numerous times.
🔸Given the previous point, we are waiting for a clear behavior to be able to make a decision to trade in this pair, and, for the moment, we will stay out of any trade.
🔸In case of seeing a Bullish Breakout, the next target zone is about 500 pips away at 88,600.
🔸In case there is a strong rejection to the downside, we may see a Bearish Move towards the Support Zone at 77,800, about 500 pips away as well.
🔸Speaking a bit of context, we see that this year the price broke up the Bearish Channel, which is a strong bullish signal.
🔸After that break, there was no interesting Supply Zone, so it had a clear path to the current price level.
🔸The area that it is facing right now is a Resistance Zone that throughout 2018 could not penetrate to the upside, and finally started a great bearish momentum after bouncing numerous times.
🔸Given the previous point, we are waiting for a clear behavior to be able to make a decision to trade in this pair, and, for the moment, we will stay out of any trade.
🔸In case of seeing a Bullish Breakout, the next target zone is about 500 pips away at 88,600.
🔸In case there is a strong rejection to the downside, we may see a Bearish Move towards the Support Zone at 77,800, about 500 pips away as well.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.