AUD/JPY Uptrend Continues
AUD/JPY Technical Analysis
- Bullish uptrend formation
- Double top has been broken
- We should continue higher
- 94.50 then 95.30
- Ascending trend line
MEGATREND MAs: Bullish
AUD/JPY Price Forecast
- Double top point 1
- Low
- Double top point 2
- Final target
The AUD/JPY is moving higher and the price is breaking above the double top. We should see a continuation of the move up as the price is bullish. At this point the first resistance is 94.50 and if it breaks the high we will see 94.70 and 94.35. The yen is weakening vs AUD. When the yen weakens we can assume the 100% risk off sentiment might happen. It means:
Your capital is at risk
1.Gold down
2.Commodities prices up
4.Equities up
5.Yen weakens as a result
It happens also because the Japs pump their money overseas, which means they sell Yen and buy foreign currency. During risk the Japs can get cheap credit, so they invest overseas heavily so when it’s risky, they bring the money back creating demand for Yen.
This analysis is a part of the Megatrend trading course. I have 1 long position that I will maintain. The intraday target is 94.50 while the intraweek target is 95.30. There is no swing target yet .
Cheers and safe trading,
Nenad