Last week we discussed the AUDJPY and the series of lower highs into key trend line support near 82.60/70. The “heavy” price action suggested a breakdown from the eleven-month level was imminent.
Sure enough, yesterday’s 82.28 close put the pair well below trend line support on a daily closing basis.
This was all we needed to begin watching for selling opportunities on a retest of the level as new resistance.
Daily Price Action
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