AUD/JPY On a Critical Zone
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.
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