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AUD/JPY Long-Term Overview

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For our today’s article we have chosen to present you the AUDJPY currency cross and the reason is because we see a strong trend continuation pattern going on the way.

On a weekly basis we can clearly define that the major trend is bullish and currently the quotes have retraced back to very solid levels of horizontal and diagonal support represented by 94.60/50. Prices have formed a long term channel formation and currently we are sitting in the middle of the structure with suggestion for further gains.

Our technical forecast is for a rally towards the prior weekly highs around 98.60 and probably it would be followed by another bullish leg towards the level of 103.40. On the other hand in case quotes break the support of 94.50, the price might dip to test the lower boundary of the major channel formation around the zone of 92.00.

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