AUDJPY : REBOUND- The market trades above a bullish trendline since the 19th of April ; The short-term trend is bullish
- Since the bullish acceleration that lead the market to a 5-months high, prices have registered a sharp pull-back.
This bearish correction took the market back to the double support zone : trendline + 50% Fibonacci level.
The Ichimoku indicator still displays a bullish environment : the Kijun line hasn't been broken and remains bullish while the cloud gets thicker.
- Despite the sharp bearish price action that took place since the impact below 104.959, this situation doesn't threaten the bullish trend so far.
The quick reaction of buyers over the 50% zone, below the trendline, contributed to keep the bullish trend alive.
With that in mind, a market rebound to 103.060, 104.959 and beyond stays as the most likely scenario.
Pierre Veyret, Technical Analyst at ActivTrades
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