AUDJPY on an ascending triangle 🦐
AUDJPY on the chart appears to be creating an ascending triangle pattern, with rising lows below the 92.700 level.
This is a bullish pattern as it suggests that the market is finding support at this level and that bulls are pushing the price higher.
The resistance level is the horizontal upper structure of the triangle, where the price is repeatedly failing to break above.
A break above the resistance level could signal a potential uptrend in the near future.
This is because a break above resistance indicates that bulls are gaining control and pushing prices higher.
The move above the resistance level could also trigger a wave of buying activity, which could further propel the price higher.
Overall, the technical analysis suggests a bullish bias for AUDJPY in the short-term. Traders may want to consider buying on a break above the resistance level of 92.700 according to Plancton's strategy rules.
Please also pay attention to any potential changes in the broader market sentiment or economic data releases that could impact the currency pair.
This is a bullish pattern as it suggests that the market is finding support at this level and that bulls are pushing the price higher.
The resistance level is the horizontal upper structure of the triangle, where the price is repeatedly failing to break above.
A break above the resistance level could signal a potential uptrend in the near future.
This is because a break above resistance indicates that bulls are gaining control and pushing prices higher.
The move above the resistance level could also trigger a wave of buying activity, which could further propel the price higher.
Overall, the technical analysis suggests a bullish bias for AUDJPY in the short-term. Traders may want to consider buying on a break above the resistance level of 92.700 according to Plancton's strategy rules.
Please also pay attention to any potential changes in the broader market sentiment or economic data releases that could impact the currency pair.
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