AUD/JPY Breakout Brings Continuation!

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RESULTS

AUD/JPY decreased a little in the short term, but the upside pressure is strong. The support area holds, so an upside breakout is favored. In the short term, the pair dropped as the Yen was boosted by Nikkei’s sell-off.

AUD/JPY increases right now even if the Japanese Unemployment Rate, Prelim Industrial Production, and the Housing Starts have come in better than expected. Unfortunately, the Retail Sales increased only by 0.1% in June versus 0.3% expected and after 8,3% growth in May.

AUD/JPY H4 Technical Analysis!

AUD/JPY escaped from a Falling Wedge pattern signaling an upside movement. It has found temporary resistance at the ascending pitchfork’s median line (ml) and now it has declined a little.

It has found support below the weekly pivot point (80.956), right on the inside sliding line (sl). Technically, it’s trapped within a down channel, an upside breakout could validate further growth, a new leg higher.

Conclusion!

Stabilizing above the weekly pivot point (80.956) followed by a valid breakout through the downtrend line could validate a fresh swing higher.

 

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