Forex: AUD/JPY continues its appreciation




Timeframe: D1, H1

Technical analysis: After last week we published a "Forex: AUD/JPY with potential formation "Reversed Head and Shoulders", the currency price went north, reaching short-term resistance at point 3. At this level she sharply turned, testing the support of the moving averages. Overnight AUD/JPY managed to break through this short-term resistance, currently holding over it. This is a strong signal that the upward movement will continue.

Entry into a deal: Only after a test if the broken resistance

Indicators: At this point, all moving averages play a role of support.

RSI and DeM are around their over-bought values, which supports the possibility of a correction to the broken resistance.

Alternative Scenario: If the price can fall below the broken resistance, then it will continue to decline to the moving averages. If it can break them, then we can see a decline to support at level 75.20.

 Trader Milko Zashev

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