AUDJPY Bearish Price Action Setting up for Next Week

AUDJPY Bearish Price Action Setting up for Next Week

2 April 2016, 08:33
Francis Dogbe
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Almost one month ago I mentioned two areas on AUDJPY that were likely to test bullish conviction. The first area of resistance broke down the very next day and triggered what would eventually become a 330-pip rally. The second area, on the other hand, was much stronger than the first. The 86.40 level is a confluence of resistance that includes seventeen-month channel resistance, multiple 2016 swing highs as well as the 2013 low. If that weren’t enough, it’s also the 38.2 Fibonacci retracement level from the 2008 low to the 2013 high. The strength of this level was on display throughout the week with AUDJPY failing to ... READ MORE
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