AUDJPY: wait for confirmation
price broke resistance of recent downtrend, 66.6 and climbed up to 67.65 on 7/April/2020. Should pay attention to three positions, 66.6 ,64.9 and 64.
If 66.6 hold well, then this currency pair has the potential to going up higher, but with the weakened bullish momentum of MACD in H4 and unable to make a new high yesterday, it’s still likely to go back to the previous downtrend channel, which is indicated in the chart.
Once price get back into the old channel, 64.9 as the previous horizontal support and 64 as the channel support are two key positions to put long trade.
If 66.6 hold well, then this currency pair has the potential to going up higher, but with the weakened bullish momentum of MACD in H4 and unable to make a new high yesterday, it’s still likely to go back to the previous downtrend channel, which is indicated in the chart.
Once price get back into the old channel, 64.9 as the previous horizontal support and 64 as the channel support are two key positions to put long trade.
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