**Monthly Chart**
AUDJPY is in the long-term range between 107.50 and 55 levels from 2007 after it reached its highest level at the peak of Nov 2007. From Mar 2020 till now the long-term directional bias is bullish. However, the price reached a sensitive area in Sept 2022 and was unable to break through the high of 98.50 level.
Last month's candle closed bullish and higher than the previous month's (Oct23) candle which was a bullish pin formation. However, the pair again tested a sensitive area around 98.50. If the price breaks above then it will continue moving upward. But if it bounces from that level (confirming the double top), the price will move lower again towards the 94 level. This move will be considered as counter-trend trade.
**Weekly Chart**
Last week's candle closed as an inside candle of the previous month's candle. which shows a high pressure of around 98.50 level (sensitive)
**Daily Chart**
This pair moved in a narrow range last week. That’s why it was providing mixed signals for both shorts and long. I don’t like to place a trade when there is uncertainty in the market.
AUDJPY is in the long-term range between 107.50 and 55 levels from 2007 after it reached its highest level at the peak of Nov 2007. From Mar 2020 till now the long-term directional bias is bullish. However, the price reached a sensitive area in Sept 2022 and was unable to break through the high of 98.50 level.
Last month's candle closed bullish and higher than the previous month's (Oct23) candle which was a bullish pin formation. However, the pair again tested a sensitive area around 98.50. If the price breaks above then it will continue moving upward. But if it bounces from that level (confirming the double top), the price will move lower again towards the 94 level. This move will be considered as counter-trend trade.
**Weekly Chart**
Last week's candle closed as an inside candle of the previous month's candle. which shows a high pressure of around 98.50 level (sensitive)
**Daily Chart**
This pair moved in a narrow range last week. That’s why it was providing mixed signals for both shorts and long. I don’t like to place a trade when there is uncertainty in the market.
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Join our PropSignals Channels on Telegram
t.me/PropsignalAE
t.me/PropsignalAE
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.