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🟢Forex Pair:
AUD/JPY
⚪Technical Analysis:
Since November 2020, the price has been moving following a clear ascending channel, reaching at the beginning of January 2021 a strong daily and weekly resistance zone at about 80.800 that rejected the price many times in the past.
It failed a double attempt to break through that level and once it got a second rejection, the price collapsed down.
It is currently creating an interesting descending triangle and the next price action around that area will be essential to understand the next market movement.
🔴Conclusion:
In the daily perspective I can clear see that the price has been moving with a strong bullish impulse since many weeks ago and now that it reached an important resistance zone, I'm confident to see a possible trend correction.
I'll be waiting for a breakout of the support zone at about 79.600 as a confirmation, before planning my short position on this trade.
Once I'll confirm the new downtrend, my first target would be the level 78.750 and my SL on the level 79.950.
Stay tuned for Updates and Trading Signals!
What's your opinion? Share your idea writing a comment!
⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️
Trade Safe and Responsibly,
Gianni
🟢Forex Pair:
AUD/JPY
⚪Technical Analysis:
Since November 2020, the price has been moving following a clear ascending channel, reaching at the beginning of January 2021 a strong daily and weekly resistance zone at about 80.800 that rejected the price many times in the past.
It failed a double attempt to break through that level and once it got a second rejection, the price collapsed down.
It is currently creating an interesting descending triangle and the next price action around that area will be essential to understand the next market movement.
🔴Conclusion:
In the daily perspective I can clear see that the price has been moving with a strong bullish impulse since many weeks ago and now that it reached an important resistance zone, I'm confident to see a possible trend correction.
I'll be waiting for a breakout of the support zone at about 79.600 as a confirmation, before planning my short position on this trade.
Once I'll confirm the new downtrend, my first target would be the level 78.750 and my SL on the level 79.950.
Stay tuned for Updates and Trading Signals!
What's your opinion? Share your idea writing a comment!
⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️
Trade Safe and Responsibly,
Gianni
