Daily Price Action

AUDJPY Tests Former Resistance


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Today we’re going to take a look at a currency pair that I haven’t traded in quite a while – AUDJPY. The pair has been trending up on the weekly chart since the beginning of 2009, gaining 4,500 pips in the process.

Speaking of the weekly time frame, we can also see that the pair recently broke out from an ascending channel. Former channel resistance now appears to be acting as support in combination with the horizontal level at 100.

AUDJPY weekly chart

AUDJPY weekly forex chart

Moving down to the 4 hour chart, we can see that the pair has been consolidating into a wedge pattern since late November. Given the recent uptrend, we should only be interested in a break to the upside.

Summary: Wait for a 4 hour close above wedge resistance and look for a retest to enter long. Key resistance comes in at the November high of 102.80 with major resistance coming in around 104.50. This is the trend line that extends off of the 2007 high.

AUDJPY 4 hour forex chart

USDCAD analysis

USDCAD 4 hour forex chart

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