AUDJPY has declined sharply since 12th October after hitting a high of 76.52, in the past few trading sessions it has made small body candlestick formations suggesting support below current levels (74.73-74.10). Further it is also above the previous low of 73.94 which is the level from which the currency bounced from in September end, thus making this a potential double bottom. The downside looks restricted with a greater upside potential, RSI is rising corroborating the above observation. It would be prudent to say that AUDJPY could rise towards 75.00 & 75.25 while it sustains above 74.10.
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Trading Forex or any CFD products may not be suitable to all investors and they must evaluate their risk appetite. The above article should not be construed as a trading or investment advice as it is solely for education and information purpose only. Trading might incur a loss of capital and hence investors might be required to gain further knowledge regarding the risks involved. Leverage should be used wisely.
Risk Disclaimer:
Trading Forex or any CFD products may not be suitable to all investors and they must evaluate their risk appetite. The above article should not be construed as a trading or investment advice as it is solely for education and information purpose only. Trading might incur a loss of capital and hence investors might be required to gain further knowledge regarding the risks involved. Leverage should be used wisely.