The AUD/JPY has been trading within an uptrend for over 5 months, presenting classic swing pattern. After retracing due to overall Dollar strength, this pair has now retraced to its Fibonacci level of 38.2%, a level which coincides with its lower trend line. Even though a potential bullish pattern is setting up, the trend is still trading within its secondary downtrend. A break of the red secondary trend line could signal a potential entry point.
Please note this scenario depends on today’s data and on the overall Dollar’s outlook
A change in bias will occur should the major trend line break
Read the full daily article at dodjit.com
Please note this scenario depends on today’s data and on the overall Dollar’s outlook
A change in bias will occur should the major trend line break
Read the full daily article at dodjit.com
