Chart: Daily time frame Mode: Down trending market
AUD/JPY after a long bearish run saw prices last week pull back to retest a key resistance zone around the 83.700 area. With increased volatility, we're likely to see prices this week bounce off these key levels again before resuming its bearish trend.
Bearish Evidence: 1. 20 EMA Below 50 EMA 2. Daily candlestick high above 20 EMA 3. Daily candlestick open/close below 20 EMA 4. Price bounced of 83.700 resistance zone (red box)
Targets: Short Term Target set for @ 80.735 Long Term Target set for @ 75.400
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