AUDJPY: The END of the Ascending Channel is CLOSE
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🟢Forex Pair:
AUD/JPY
⚪Technical Analysis:
In the weekly time frame, since the end of March 2020, the price has been moving following a strong uptrend, boucing in November 2020 on its dynamic trendline.
It has currently reached an important support zone and there is a possibility of a trend correction.
In the daily time frame, the price is still moving with a strong uptrend and just few days ago it reached and got a rejection on the resistance level at about 80.646.
In the h4 time frame, the price got a double rejection on the support zone at about 81.000 and it's currently very close to its dynamic support line of the ascending channel.
The next price action around this zone will be essential to understand the next market movement and if eventually it will be able to break through its channel.
🔴Conclusion:
The possible double top created around the support zone at about 81.000 could be an interesting sign of market reversal.
I'm confident to see the price getting a small trend correction before retesting and eventually breaking through its dynamic support line of its ascending channel.
I'll plan my next short trade once the price will break and pullback on the channel's S/R level and my target would be on the main support around the level 78.500.
Stay tuned for Updates and Trading Signals!
What's your opinion? Share your idea writing a comment!
⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️
Trade Safe and Responsibly,
Gianni
🟢Forex Pair:
AUD/JPY
⚪Technical Analysis:
In the weekly time frame, since the end of March 2020, the price has been moving following a strong uptrend, boucing in November 2020 on its dynamic trendline.
It has currently reached an important support zone and there is a possibility of a trend correction.
In the daily time frame, the price is still moving with a strong uptrend and just few days ago it reached and got a rejection on the resistance level at about 80.646.
In the h4 time frame, the price got a double rejection on the support zone at about 81.000 and it's currently very close to its dynamic support line of the ascending channel.
The next price action around this zone will be essential to understand the next market movement and if eventually it will be able to break through its channel.
🔴Conclusion:
The possible double top created around the support zone at about 81.000 could be an interesting sign of market reversal.
I'm confident to see the price getting a small trend correction before retesting and eventually breaking through its dynamic support line of its ascending channel.
I'll plan my next short trade once the price will break and pullback on the channel's S/R level and my target would be on the main support around the level 78.500.
Stay tuned for Updates and Trading Signals!
What's your opinion? Share your idea writing a comment!
⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️
Trade Safe and Responsibly,
Gianni
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