đŠMy perspective on the AUD/JPY pair has changed as a result of the in-depth analysis I have done.
đŠIn the current post I would like to share with you my perspective for the coming weeks.
đŠAs you can see from the chart AUD/JPY has been stuck in a accumulation, for a good 7 months.
đŠLooking at the behaviour of other pairs with the Japanese Yen, I allow myself to think that we may yet see new peaks on the AUD pair.
đŠThe price is currently forming a triangle formation.
đŠI am very curious if we will see a sharp breakout upwards.
đŠThat's what I would expect after such a long accumulation and a returning desire to weaken the Yen.
đŠTarget I see near the resistance zone, determined by the outer fibo level of 1.618 of the entire largest recent downward wave.
đŠThere is also local resistance ahead, determined by where the price has repeatedly turned back.
đŠI determined the support zone based on the cluster of fibo levels 0.618 of the entire wave of the largest downward correction and 0.5 of the entire upward wave following this correction.
đŠThe scenario I am playing out is a gradual strengthening of AUD against JPY and an exit from the accumulation to set new highs, but I do not exclude taking a smaller target if the situation stops looking as I assumed.
đŠI will add an update post if there is a change in my perspective.
đŠ *Please do not suggest the path I have drawn with the lines this is only a hypothetical scenario.
đIf you appreciate my work and effort put into this post I encourage you to leave a like and give a follow on my profile.đ
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