AUDJPY Technical Overview And Trade Opportunity
AUD was the biggest loser while JPY recovered ground and dragged the USD/JPY pair back to the 112.50 level. AUD is loosing ground following IMF warnings on the Australian economy.
Currencies market stuck to tight trading ranges amid a broadly subdued US dollar while markets await fresh updates around the European politics for further trading impetus.
Looking at the AUDJPY chart, we see that the pair broke the ascending trend line on H1 Chart. The pair is trading below EMA 50 on the H4 Chart as well. The midterm picture took a bearish shape.
What can be done?
AUDUSD is trading at 81.87 as of writing. The pair may make a minor correction towards 82.00.
Entry: 81.95 -81.87 / executed at 82.05
Stop: 82.40 ( Above MA 20 )
Target: 81.40 – The main support – / TP 1 REACHED 60 pips
Target 2: 81.10
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