AUD/JPY Is Setting Up For A Retracement

The AUD/JPY is in an uptrend but point 2 of retracement showed a nice move down. We could assume that we might see a further drop.

The POC zone 84.30-84.60 is point 3 where we might see a move down. If momentum persists we should see the price going towards 83.45, 83.10, and 82.66. The invalidation of the setup comes above 85.00 if the market makes a new high. Today is Friday, so we might see profit-taking that will lead the price down.

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Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. On average around 80% of retail investor accounts loose money when trading with high ...

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