AUD/JPY : Building towards LT resistance
|Price Action Context
The AUD/JPY has been in a strong bull run since end of March and started testing at a long-term resistance on the 5th of June. Since then, price action has kept on been building towards the resistance, forming higher lows in the process, and creating a potential pre-breakout structure.
Trending Analysis
Mid-term bias is bullish, and a strong break of this long-term resistance to the upside could present potential buying opportunities if we’d see a weak pullback into the broken resistance, which then should act as support. If bears on the other hand can successfully defend this resistance, a move back down towards 71.30 is likely.
Closest Support & Resistance Zones
Resistance: 75.90 – 76.90
Support: 69.90 – 71.30
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