Triangle on AUD/JPY

Triangle on AUD/JPY

There is an interesting technical pattern on the AUD/JPY currency pair. At the moment, quotes are consolidating. The key range is 71.700-72.450. A classic figure of technical analysis, Triangle, has been formed in the trading instrument (H1 timeframe). We recommend paying attention to this situation.

The AUD/JPY quotes have the potential for recovery after a continuous fall. If the price fixes above the resistance level of 72.450, it is necessary to buy AUD/JPY. The closest target for profit taking is the round level of 73.000. The movement is tending to 73.500-74.000.

Alternative option. If the price fixes below 71.700, the AUD/JPY currency pair is expected to decline. The movement target level is 71.000-70.800. When following a position, we recommend using a trailing stop.

Confirmations and entry points to the market should be looked for on lower timeframes.

by JustForex 2019.08.19

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

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