As we can see from the trendlines and resistance level drawn, we can see price level is squeezing, signalling to us that a breakout will be happening soon. For now, the question will be whether it is heading up or down? Personally, I see more BEARISH potential for AUDJPY as if we do look through 76.58 price level, it a strong resistance level that AUDJPY follows. As of now, we do not see a breakout of 76.58 price level signalling that AUDJPY could possibly move back to its trend support and resistance (Green and Red) as it continues its downward movement. If I am able to see a breakout of this resistance level, I will confidently say that AUDJPY has broken its downward trend and could possibly start a BULLISH trend. For now, I will trade the BEARISH movement till I see a nice breakout. Remember to trade safely and adapt accordingly.
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Kindly hit the LIKE Button if you agree with my analysis and feel free to COMMENT your idea below. As for those who are keen to get daily updates and analysis from me feel free to FOLLOW me. Cheers and Happy Trading!!!