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AUDJPY: Will This Channel Play Out Like the First?
The AUDJPY, like other yen crosses, has been consolidating for several weeks. We have also seen a short-term uptrend develop since the August 2019 low. This upward movement is overshadowed by a downtrend that has been in place since early 2018. That means the ascending channel below may outline a continuation pattern. It wouldn’t be the first time the AUDJPY has done this. A similar ascending channel developed between January and April of last year, albeit at a lesser angle. Although we didn’t trade this breakdown as a channel, we did catch the 200+ pip move that began with the May 7th retest above. So will the ... (full story)