AUDJPY Awaits Breakout as Price Forms Symmetrical Triangle

Azeez Mustapha


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 Market Analysis – July 24

The AUDJPY currency pair is currently showing adherence to a bearish trendline, leading to a test of a significant demand zone. Notably, a double bottom pattern formed after the demand level was tested.

Furthermore, the swing low of the demand level aligns with a bullish trendline, resulting in a critical convergence point. As a result, market participants are closely monitoring the situation, anticipating an imminent breakout that will determine the next direction for the pair.

AUDJPY Awaits Breakout as Price Forms Symmetrical TriangleKey Levels For AUDJPY

Demand Levels: 94.000, 93.500, 93.000
Supply Levels: 96.000, 97.000, 98.000

AUDJPY Long-Term Trend: Bullish

An analysis of the Stochastic indicator revealed that the market was oversold during the test of the demand level in July, indicating a potential reversal. Currently, the price is gravitating towards the fair value gap at 95.500.

To further set the stage for an upcoming breakout, the price action has formed a symmetrical triangle pattern. Such patterns often serve as signals for potential significant price movements.

AUDJPY Awaits Breakout as Price Forms Symmetrical TriangleAUDJPY Short-Term Trend: Bearish

On the 4-hour chart, the price is displaying a bullish trend, though it has become overbought according to the Stochastic indicator. As a possible scenario, the price might retrace from the resistance trendline to the supporting trendline before the anticipated breakout occurs.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

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