Technical Analysis of Intraday Price Movement of AUD/JPY Cross Currency Pairs, Wednesday, 16 August 2023.
August 16, 2023 10:27 am
Even though on the daily timeframe chart of the AUD/JPY cross currency pair appears that it is still controlled by sellers which is marked by the CCI indicator, which managed to break below the three main levels and then stuck at the -100 area level to level 0, but with the appearance of the Descending Broadening Wedge pattern which the price is also coincidentally stuck at the level of the Rejection Block area (Cyan box). So, as long as the decline does not continue until it breaks below the 92.85 level, AUD/JPY has the opportunity to rally again up to the level of 95.71 as its main target and if volatility and momentum are sufficiently supportive, AUD/JPY could have the opportunity to continue strengthening up to the level of 97.61.
(Disclaimer)
The material has been provided by InstaForex Company – www.instaforex.com
Even though on the daily timeframe chart of the AUD/JPY cross currency pair appears that it is still controlled by sellers which is marked by the CCI indicator, which managed to break below the three main levels and then stuck at the -100 area level to level 0, but with the appearance of the Descending Broadening Wedge pattern which the price is also coincidentally stuck at the level of the Rejection Block area (Cyan box). So, as long as the decline does not continue until it breaks below the 92.85 level, AUD/JPY has the opportunity to rally again up to the level of 95.71 as its main target and if volatility and momentum are sufficiently supportive, AUD/JPY could have the opportunity to continue strengthening up to the level of 97.61.
(Disclaimer)
The material has been provided by InstaForex Company – www.instaforex.com
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