AudJpy- Where to sell to join the new downtrend?
Since 60 low at the start of the pandemic, AudJpy has risen more than 2 years to around 99 highs in mid-September.
However, the rise since March is a large rising wedge pattern that was a warning for reversal.
Last week the pair has broken both horizontal and trend line support of the pattern and made a low to 93 zone.
At this moment AudJpy is in a normal recovery and this rise can offer a good opportunity to join the new downtrend.
95-95.50 is my sell zone and I expect a new leg down to 91.
Only AudJpy above 97 would negate this bearish scenario
However, the rise since March is a large rising wedge pattern that was a warning for reversal.
Last week the pair has broken both horizontal and trend line support of the pattern and made a low to 93 zone.
At this moment AudJpy is in a normal recovery and this rise can offer a good opportunity to join the new downtrend.
95-95.50 is my sell zone and I expect a new leg down to 91.
Only AudJpy above 97 would negate this bearish scenario
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