AUD/JPY Fails to Hold within Ascending Channel
AUD/JPY appears to be reversing course ahead of the monthly high (98.61) as it no longer trades within the confines of an ascending channel.
AUD/JPY Rate Outlook
AUD/JPY breaks below channel support following the failed attempts to test the 2022 high (98.77), with a close below the 97.40 (61.8% Fibonacci extension) to 97.90 23.6% Fibonacci extension) region raising the scope for a move towards 96.10 (78.6% Fibonacci retracement), which largely lines up with the 50-Day SMA (96.05).
Next area of interest comes in around the monthly low (95.61), but AUD/JPY may stage further attempts to test the 2022 high (98.77) if it struggles to close below the 97.40 (61.8% Fibonacci extension) to 97.90 23.6% Fibonacci extension) region.
AUD/JPY Rate Outlook
AUD/JPY breaks below channel support following the failed attempts to test the 2022 high (98.77), with a close below the 97.40 (61.8% Fibonacci extension) to 97.90 23.6% Fibonacci extension) region raising the scope for a move towards 96.10 (78.6% Fibonacci retracement), which largely lines up with the 50-Day SMA (96.05).
Next area of interest comes in around the monthly low (95.61), but AUD/JPY may stage further attempts to test the 2022 high (98.77) if it struggles to close below the 97.40 (61.8% Fibonacci extension) to 97.90 23.6% Fibonacci extension) region.
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