AUDJPY Weekly Analysis: Potential Rebound at Major Trendline
Updated
On the AUDJPY weekly chart, there is an interesting rebound potential around the main trendline. Previously, the price has bounced off this area several times, as indicated by green arrows. This pattern suggests that the trendline remains a strong support level.
Currently, the price is approaching this trendline area, offering a buying opportunity with measured risk. If another rebound occurs, the main target is at the psychological level of 110, which also serves as a potential resistance. If the price fails to stay above the trendline, a stop loss is placed at 93.6 to limit losses and manage risk effectively.
This analysis supports a swing trading strategy, considering the weekly timeframe, which shows a long-term upward trend. The consistent price movements around the trendline strengthen the validity of this analysis.
Disclaimer:
This analysis is part of a trading plan and does not constitute trading advice. Technical analysis is probabilistic and does not guarantee profitability. Always implement good risk management in every trading decision.
Currently, the price is approaching this trendline area, offering a buying opportunity with measured risk. If another rebound occurs, the main target is at the psychological level of 110, which also serves as a potential resistance. If the price fails to stay above the trendline, a stop loss is placed at 93.6 to limit losses and manage risk effectively.
This analysis supports a swing trading strategy, considering the weekly timeframe, which shows a long-term upward trend. The consistent price movements around the trendline strengthen the validity of this analysis.
Disclaimer:
This analysis is part of a trading plan and does not constitute trading advice. Technical analysis is probabilistic and does not guarantee profitability. Always implement good risk management in every trading decision.
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