AUD/JPY STRUCTURE ANALYSIS|

١٦ يوليو ٢٠٢٠

3 day chart shows us that AUDJPY has broken out of the yet another long term downward channel and is now storming new highs following the two diagonal support lines, having the broken channels ex-resistance line as the new ultimate support.

The new target level to be tested is the horizontal structure resistance, nearby. The price action suggest that the level will likely be reached and tested.

Therefore, It might be reasonable to go long from the support, or wait for the local resistance breakout.

If the level is reached, one might consider a pullback trade as an option.

Thank you for reading and have a nice day!