The AUDJPY has broken out higher of the trading range/box it has been trading in recent times. The momentum of the past few months on this pair has been up, so the odds were price would breakout higher like it has.
What happens next will become the key point for this market. Will this market now hold at the old resistance/new support and bounce higher into the near term resistance which is 84.75?
As the trend is up the best play is to go long at strategic areas in this market. As long as the support level holds, we may see a move higher into resistance in the next two weeks.
AUDJPY DAILY CHART
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