Technical analysis of AUD/JPY 06/03/2020

The currency cross of the AUD/JPY pair on the Weekly chart is moving in the upward correction as part of the downtrend. Currently, the price has reached the upper boundary of the trend, which coincides with the MA100 and found resistance at 75.75. The technical picture gives reason to assume the beginning of a downward correction from current levels with the immediate goal in the region of the last minimum at 70.00. Cancellation of the option to start the downward correction will be the growth above the last maximum of 76.50, which will open the way to MA200 at the level of 80.00 and will mean a possible change in the trend on the Weekly timeframe.

AUDJPY_STPWeekly

Created by Joshua Hayn

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