It’s worth paying attention to AUD/JPY. The pair has approached the resistance line connecting April and May highs.
AUD/JPY awaits a volatility spike
BUY at 82.70; TP1 83.70; TP2 84.00; SL 82.50
SELL at 82.40; TP 81.90; SL 82.60
Note: monitor the news
AUD/JPY is testing levels above the 50-week MA at 82.79. Yet, only a weekly close above this point will signal that the pair went past this obstacle and is willing to proceed up to 83.80 and 84.35 (100-week MA).
Divergence on D1 suggests that AUD/JPY needs to correct down. A doji-like candlestick signals the market’s uncertainty. The pair’s obviously getting ready for a big move. In the short term, it’s reasonable to expect the correction to 82.50. From that point, the pair will either get the new bullish interest or will slump. The Aussie will choose a move on the basis of the market risk sentiment.
The way EUR/GBP bottomed around 0.8700, then rose above 0.8870 and jumped from the trendline support at 0.8910 shows that the pair possesses bullish momentum.
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