AUDJPY: Possible upward continuation
The AUDJPY currency pair has rebounded after touching a yearly ascending trendline on the weekly chart. Current indicators suggest that the uptrend is still intact, but a price level of 91.10 must be surpassed for confirmation.
On the 4-hour chart, the price is moving above the 100 and 200 moving averages and forming higher peaks within an ascending channel. The price has now reached a support area due to touching the ascending trendline and the 23.6% Fibonacci retracement level of the 100 moving average.
The expectation is that the price will continue to rise beyond the current resistance level.
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On the 4-hour chart, the price is moving above the 100 and 200 moving averages and forming higher peaks within an ascending channel. The price has now reached a support area due to touching the ascending trendline and the 23.6% Fibonacci retracement level of the 100 moving average.
The expectation is that the price will continue to rise beyond the current resistance level.
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Please share your thoughts in the comments and support the idea by liking it. Follow us for more trading ideas. Your support is appreciated.
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