Forex Trading Signals – Jun 8, 2017: AUDJPY Retests Long-Standing Trend Line Amid Key Event Risk

On June 1st we looked at the AUDJPY and its recent break of trend line support. The level dates back to June of last year and was of assistance during the April 20th bounce less than two months ago.

In that June 1st commentary, I admitted that I favor shorts below 82.70. The relevance of that figure was the former twelve-month trend line, which was then acting as new resistance. Of course, being an ascending level, that price is now closer to the 83.00 handle.

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That brings us to today’s retest. As you can see from the chart below, the AUDJPY is once again retesting former trend line support as resistance.

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