Short

AUDJPY Triangle expected to break downwards targeting 75.110.

AUDJPY has been consolidating over the past year trading within a wide Triangle, with the 1D MA100 (green trend-line) acting as the pivot. The 1W MA100 (red trend-line) has been the long-term Support since the early November 2020 bullish break-out.

Last time we saw such a wide Triangle after a multi-year rally, was from mid 2017 to early 2018. On that pattern, the Triangle broke downwards and inside a year hit both the 1.5 and 2.0 Fibonacci extensions of the last Higher Low of the Triangle. Currently those are at 75.110 and 71.400.

The most optimal strategy on this pair would be to keep an eye on the 1D MA100, below which the price is trading now. As long as it's not recovered, there will be more selling pressure towards the bottom (Higher Lows trend-line) of the pattern. If that breaks, accelerate on your selling and target 75.110.

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