28.11.2023 10:32 PM
AUD/JPY: larger drop below 97.87

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AUD/JPY Triangle!

The currency pair is located at 97.97 at the time of writing and it seems undecided. It has moved sideways in the short term, that's why we have to wait for fresh opportunities. As you can see on the h1 chart, the rate dropped below the uptrend line signaling that the upwards movement ended.

Technically, the former low of 97.87 represents a downside obstacle. Personally, I've drawn a downtrend line, so as long as it stays below it, the rate could develop a larger drop.

AUD/JPY Trading Conclusion!

Dropping below 97.87 validates more declines. This scenario helps the sellers to catch a larger drop.

Ralph Shedler,
Analytical expert of InstaTrade
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