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🟢Forex Pair: AUD/JPY
⚪Technical Analysis: Since the 10th of January 2021, the price has been following a clear descending channel, bouncing few times on its dynamic channel's lines. Yesterday, the 1st of February, the price reached its dynamic resistance line, getting a nice bearish rejection on that level. It is currently re-testing the support zone at about 79.700 and the next price action will be essential to understand the next market movement.
🔴Conclusion: The price is just in the middle of its channel, around a support zone at about 79.700. I'm confident to see it having a small correction before falling down through the support zone until its dynamic support line. I'm already holding a short position but I'll be waiting for the breakout of the support zone before planning my second position around the level 79.400.
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⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️