#AUDJPY @ 91.2610 bulls are in play and we could see an advance on 0.9170 in the coming sessions/days ahead.
…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for PREMIUM VERSION HERE to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level4)]
- AUD/JPY bulls are in play and we could see an advance on 0.9170 in the coming sessions/days ahead.
- The 61.8% Fibonacci near 93.00 is key on the upside.
AUD/JPY is displaying a bullish bias on the daily charts, at least for the meanwhile considering it recently broke to the backside of a prior meanwhile bearish trendline resistance.
The price is now meeting support in a phase of price discovery whereby the bears have been unable to convincingly break out of the bull’s defensive lines and it has been a buy-the-dip theme for a number of days.
The following illustrates that should the bulls commit harder, then a break out to the upside could unfold over the comings days ahead:
As illustrated, while the bearish attempts at a break of 88.00 have resulted in a surge in demand, until the bulls conquer 93.00, a 61.8% Fibo resistance, there will be prospects of a deeper correction to the downside.
Zoomed in …
However, the cluster of failed bearish breakouts does keep the bulls in play and we could see an advance on 91.70 in the coming sessions/days ahead. A breakout there will leave the key 93.00 area vulnerable to another test.
[/s2If]
Join Our Telegram Group
