AUD/JPY has
been rallying for the past few weeks, ever since it formed a spinning top
candlestick at 84.50 on the weekly time-frame and it bounced off from that
level. The pair broke out above 86.45 which coincided with the (MA)89 indicator
on the daily time-frame and is currently testing the resistance at 87.00. If
the pair succeeds in breaking out above that level there will probably be a
further move to the upside towards the next resistance at 88.00 and a break out
above that could lead to a rally towards 89.00 – 89.50. On the other hand, if
the pair bounces off from 87.00 it could retrace back to 86.45 or 86.00.
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