AUDJPY made a false break. What´s next?
There´s a downtrend lasting on AUDJPY for one year already, but a buy signal was created on Friday, October 26. AUDJPY was in a consolidation for a few days and then it made a significant false break below that consolidation, touched support 78.65 and daily pin bar was formed. A divergence is also forming, but it´s still not confirmed. Soon you can expect the market to test a zone 80.5, but the potential move to the upside is much bigger. Australian Dollar is oversold for a long time and some notable correction would be logical. Be aware that AUDJPY may retest a low of the pin bar and then it can go up.
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