AUDJPY breaking from a triangle pattern

26/04/2021

As stocks moved higher again, the AUDJPY cross has been supported by the risk-on sentiment, and it was 0.7% stronger on Monday, trading at around 84.15.

It looks like the Aussie will break above the short-term downtrend line of the current consolidation triangle. That could be a bullish sign for the near future. 

The next resistance zone will most likely be near 84.50, where April highs are located. Another selling area could be expected at 84.90 and afterward at the current cycle highs near 85.40.

Alternatively, the support could be at the broken trendline, at the moment at around 84.00, with another demand zone probably in the 83.50 region. 

It looks like sentiment will remain positive, which should support the AUDJPY cross, and we might see new cycle highs this week. 
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