Cross-rate signals: AUD/JPY maintains an uptrend

After a week of growth, the cross AUD/JPY resumed a decline based on the growth of optimism regarding the Japanese economy. Despite this, this pair maintains a global uptrend, the lower limit of this uptrend is located at 87.60 and 87.40. From these levels of support, one should expect the formation of a reversal with further strengthening of this pair.

When forming a repulsion from the support levels, the pair AUD/JPY is expected to rise to annual peaks at 88.60 and 89.00. Break through the support and consolidation of this pair below 87.20-00 will cancel the scenario for strengthening, thereby opening the way for the “double top” figure, indicating that the Australian will continue to decline against the yen to support levels: 86.80-70 and 86.40-20.

Fig. AUD/JPY H4. Current price – 88.00

Hanzenko Anton