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AUDJPY at resistance
2024-08-12T19:03:16+00:00
Trading Idea:
The AUD/JPY pair encountered significant resistance today, with a high of 97.84. This coincides with the 38% retracement of the decline from the July peak to the August low, positioned at 97.55. Additionally, the pair reached the underside of the broken trend line dating back to 2020. As long as the price remains below the 98.00 level, there is a risk of a decline towards the lower 90s, potentially retesting the lows near 90.12.
The Japanese Yen has garnered heightened attention from currency traders and global observers, particularly due to the notable unwinding of the popular carry trade in recent weeks.
