AUDJPY consolidating above the broken channel
On the weekly AUDJPY chart, we can see that the instrument has broken above the long-term Andrew’s Pitchfork channel resistance 73.20 and is on a way to extend higher to 86. We saw a perfect bounce off this support and the pair seems to be going for a long-term uptrend channel median line but first it needs to clear the 80 resistance.
On a Daily chart, we can see that the AUDJPY price action is within the new uptrend Pitchfork channel. Bounce off 76 is perfect for the LONG trade entries. . You could open a good RR long trade entry with the stop loss just below 75.60, if the pair reverses from here and break below 74 you should consider short trade entry.
We have used the combination of the top-down trading analysis to get these key levels explained in the charts. To learn more about Andrews’s Pitchfork tool trading strategy register for education.
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