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AUD/JPY Uptrend Continues

By:
Nenad Kerkez
Published: Jul 18, 2022, 12:41 UTC

The AUD/JPY is moving higher and the price is breaking above the double top.

Australian Dollar FX Empire

In this article:

AUD/JPY Technical Analysis

  • Bullish uptrend formation
  • Double top has been broken
  • We should continue higher
  • 94.50 then 95.30
  • Ascending trend line

MEGATREND MAs: Bullish

AUD/JPY Price Forecast

H1 Chart AUD/JPY
  1. Double top point 1
  2. Low
  3. Double top point 2
  4. Final target

The AUD/JPY is moving higher and the price is breaking above the double top. We should see a continuation of the move up as the price is bullish. At this point the first resistance is 94.50 and if it breaks the high we will see 94.70 and 94.35. The yen is weakening vs AUD. When the yen weakens we can assume the 100% risk off sentiment might happen. It means:

1.Gold down

2.Commodities prices up

4.Equities up

5.Yen weakens as a result

It happens also because the Japs pump their money overseas, which means they sell Yen and buy foreign currency. During risk the Japs can get cheap credit, so they invest overseas heavily so when it’s risky, they bring the money back creating demand for Yen.

This analysis is a part of the Megatrend trading course. I have 1 long position that I will maintain. The intraday target is 94.50 while the intraweek target is 95.30. There is no swing target yet .

Cheers and safe trading,

Nenad

About the Author

Nenad Kerkezcontributor

M.Ec. Nenad Kerkez aka Tarantula is Elite CurrenSeas Head trader and a valued contributor to many premium Forex and trading websites.

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