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AUDJPY Is Forming A Contracting Triangle

Free Forex AUDJPY Tips

Currently, AUDJPY is forming a contracting triangle on the corrective wave ((4)). Price has completed sub-wave (C), and sub-wave (D) is in progress.

After completion of the (D) wave, the terminating wave sub-wave (E) will break the BD trendline of the contracting triangle.

Wave (D) can end nearby 78.6% retracement of wave (B).
If the price breaks the BD trendline, It can move to 85.35 – 86.25 – 88 – 89. The traders should put protective stop loss at 78.78.
wave (5) may end at 89.609, which is inverse Fibonacci retracement 1.618% of wave (4)

Wave (E) can complete between 0.618 to .786 Fibonacci levels.
That’s why a trader can expect the following targets for wave (E) 83.44 – 82.50 – 81.03 as targets of wave E. If you want to trade wave (E), then you should have a trailing stop due to the high volatility of wave (E).

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