AUDJPY Climbing to the Top of a Major Falling Trend Channel, 2 Minor Retracements Completed


AUDJPY D1, Reaching Top of Major Falling Trend Channel

This is one of the longest-lasting falling trend channel which has begun since November 2014, that’s a month more to 2 years!
The price is reaching the top very soon but may take another week or more since this is a D1 chart after all.
AUDJPY M15, 2 Minor Retracements within Key Support Zone

Zooming in all the way to M15 chart, a key resistance zone has turned into a key support zone since the price broke above it last week.
2 minor retracements have also completed and rebounded off just right at the bottom of the key support zone.
The price has already shown the resumption of the current uptrend and may continue to appreciate further at the current price or after some minor retracement.
On a side note, the major falling trend channel is very likely to be broken, both fundamentally and technically. Go to W1 chart and plot a support level at 73.60.

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