AUDJPY - LONG!Potential set up forming here!
AUDJPY
AUDJPY has been in a bullish movement for a few weeks now. As this move is begging to slow in momentum, we can see a continuation pattern forming; Ascending Triangle. Its important to note that these patterns are no guarantee in where price will move, but we can have a look at some factors which may suggest a bullish move soon.
What to Look Out for:
- Ensure all moving averages align with the current uptrend
- Indicator suggesting bullish movement (MACD)
- Looking for a 'straight line' resistance, and a support line where price is increasing (highlighted on the chart)
- A strong break out of the resistance zone (marked as 108.58); This is very important as we often see 'fake outs' occur here.