AUD/JPY: A Currency Pair Poised for Growth

AUD/JPY currency pair is trading at around the marked levels. Please read the analysis on the chart, as well as the explanations in the comments. Thank you.

Technical Analysis:

On the 30-minute chart, the AUD/JPY currency pair is trading in a bullish trend. The price is above the 50-period and 200-period simple moving averages. The MACD indicator is also bullish, with the signal line above the MACD line.

The Elliot Wave Analysis in this case shows a continuation of the bullish impulse. I marked the first potential level of the Wave 5. It can extend after that level, or a correction may start (short term).

On the 4-hour chart, the AUD/JPY currency pair is also trading in a bullish trend. The price is above the 50-period and 200-period simple moving averages. The MACD indicator is also bullish, with the signal line above the MACD line.

On the daily chart, the AUD/JPY currency pair is trading in a bullish trend. The price is above the 50-period and 200-period simple moving averages. The MACD indicator is also bullish, with the signal line above the MACD line.

Overall, the fundamental and technical analysis suggests that the AUD/JPY currency pair is likely to continue trading in a bullish trend in the near term.

Fundamental Analysis:

The Australian economy is currently facing a number of challenges, including a slowdown in China, rising inflation, and a trade deficit. However, the Australian economy is still expected to grow at a modest pace in 2023.

The Japanese economy is also facing a number of challenges, including an aging population, a shrinking workforce, and a high debt burden. However, the Japanese economy is expected to avoid recession in 2023.

I hope this post is helpful.
This analysis represents my thoughts at the date it is posted.
This analysis does not represent professional and/or financial advice.
You alone assume the sole responsibility of evaluating the merits and risks associated with the use of any information or other content found on this profile before making any decisions based on such information.

Any feedback is encouraged and appreciated. Thank you and have a nice day!
AUDJPYaustraliandollarcurrencyforecastForexfundamental-analysisTechnical IndicatorsjapaneseyenTechnical AnalysistrendanalyseTrend AnalysisWave Analysis

I hope this was helpful.
This analysis represents my thoughts at the date it is posted.
This analysis does not represent professional and/or financial advice.
Trade wisely!
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