AUDJPY likely to continue its uptrend

12 January 2021

AUDJPY has been trading in a higher top higher bottom formation suggesting the trend to be positive in the near term, further it is trading above the 20-day SMA supporting the observation. The recent decline experienced seems to be an organic correction and buying is likely to be experienced near current levels. It would be prudent to say that the pair could rise further towards $80.00 and $81.55 if it sustains above $79.75.

Prepared by
Technical Analysis Team

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