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While the potential for further market turbulence remains, AUD/JPY is holding strong above key levels and has technical factors supporting a bullish outlook. Traders should keep an eye on the 86.26 level as a key indicator for a major top on the weekly charts, while also monitoring potential opportunities for bullish trades.
88.500
Entry Price
93.000
TP
86.500
SL
10.5
Pips
Profit
86.500
SL
88.605
Exit Price
88.500
Entry Price
93.000
TP
The past couple of weeks have been turbulent for global assets, leaving investors on edge about the potential for another bank crisis or other negative events. However, despite this uncertainty, AUD/JPY has been holding strong above key support and resistance levels, including the 2022 low and 2021 high.
Looking at the weekly timeframe, price has reached a confluence of an upward trendline, a support level, and key Fibonacci retracement zones. This indicates a high probability of price getting rejected from this zone and reversing into a bullish trend.White Label
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