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10.07.202408:03 Forex Analysis & Reviews: Technical Analysis of Intraday Price Movement of AUD/JPY Cross Currency Pairs, Wednesday July 10, 2024.

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Exchange Rates 10.07.2024 analysis

Even though on the 4-hour chart the AUD/JPY cross currency pair is still dominated by buyers, this is confirmed by the AUD/JPY price movement which is still moving above the EMA 20 which is also above the EMA 50 and the price movement is moving in a channel that is going upwards. However, with the appearance of deviations between the AUD/JPY price movement which forms a Higher-High while the Awesome Oscillator actually forms a Higher-Low, in the near future AUD/JPY has the potential to be corrected to weaken down to the level of 107.98, but as long as the weakening correction is not deeper and does not broken below the 107.50 level, AUD/JPY still has the potential to continue its strengthening up to the 109.00 level and if the momentum and volatility support it, the 109.25 level will be the next target to aim for.

(Discclaimer)

Arief Makmur
Analytical expert of InstaForex
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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75.02% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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