AUD/JPY edges higher and it stands at 83.926 level. It’s trapped within a sideways movement in the short term. The bias remains bullish after failing to drop below the former lows.
The Japanese Yen could decline again if the Nikkei stock index will resume its growth. JP225 has decreased a little but the outlook is bullish.
Technical Analysis!
AUD/JPY moves sideways after escaping from a descending pitchfork. Its failure to reach the median line (ML) signals further growth. The price has moved away from the upper median line (UML) of the descending pitchfork.
The current breakout through the weekly pivot (83.772) signals strong buyers. It could approach and reach at least the R1 (84.476) and the ascending pitchfork’s median line (ml).
A valid breakout above 84.476 could indicate a larger growth in the upcoming period. The current range could represent a continuation pattern.
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