What happened? Japanese shares fell on Monday…
AUD/JPY reached buy target 84.50
2019-11-11 • Updated
- AUD/JPY reached buy target 84.50
- Next buy target - 85.50
AUD/JPY continues to rise after the recent breakout of the resistance level 84.50, which reversed the previous waves (1) and B and was set as the buy target in our previous forecast for this currency pair. The breakout of the resistance level 84.50 is likely to accelerate the active minor impulse wave 3, which belongs to the intermediate impulse (3) form the middle of May. AUD/JPY is expected to rise to the next buy target at the next resistance level 84.50 (top of the previous minor correction 2 and the target price for the completion of the active impulse wave 3).
AUD/USD has been trying to break higher for an extended period but without any chance. From April until today, all rallies’ attempts have faded as shown on the daily chart.
Weaker dollar - cheaper dollar. What else may be a conclusion to be drawn from the USD's weakening?
For those who may be unfamiliar with Price Action trading, the horizontal arrows represent areas where the market structure was broken. As you can see in the scenario above, price broke below the previous low at the two marked instances
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