Hello forex peeps! For months now, the AUDJPY currency pair has been moving sideways. Apparently it has been setting up a triangle formation in its daily chart and could be bearish as it came from a downtrend four months ago. So is the AUDJPY currency pair bound to go lower? I would say “yes” once it breaks below the current support line (red line). If it does, it could head all the way down and test the 70.00 psychological support (black line) until it further drops again. On the upside, if AUDJPY manages to climb up, it could first test its current resistance (blue line). Once that hurdle get cleared out, there could be some selling pressure at the next resistance at the 80.00 psychological area.
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Keep in mind that JPY gov will try their darndest to weaken their currency, but they will need to inject more than a measly $10T Yen ($100B USD equiv)
I agree!