Chart Of The Day: AUD/JPY
Blake Morrow | May 10, 2021 05:53PM ET
"False breakouts may lead to breakdowns," they say. And AUD/JPY has potentially put in a false breakout above the 85.50 level today. In addition, the gravestone doji is not helping any bullish argument today. We have been following a slightly ascending channel recently, which means the pair could slip back to the 83.00 level and not be bearish. However, that is more than 200 pips away. And with the daily RSI divergent, the risk is high for a move back down towards support. Near-term support is the 50-day moving average.
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