Is AUDJPY Set to Take a Short-Term Pause?
After days of buying, we are seeing a small pause at this point in the day. The AUDJPY has started to see some red after a 5-day rally. Price is stalling at a previous level of resistance, seen at 89.90.
We still see price on an uptrend with a break of the last downtrend. But buyers need to clear this resistance point to get the trend back on track. The MA supports the uptrend, as it’s now pointing up after forming a range. This can change quickly but due to that it’s an average, it’s good to see it supporting the higher price move.
If we see a higher break, we will look for a test of 90.50. If resistance can hold buyers and we see anew new move lower, we want to see the trendline hold, or it could be a sign that sellers are planning a deep move.
AUDJPY D1 Chart
Good trading, and enjoy your weekend.
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