Currently, AUD/JPY is trading at 74.36. The pair is consolidating in the ascending triangle resistance and support wedges . Previously, the pair was trading in a down trend and after touching the support level it started consolidating in the resistance and support levels. If the price breaks the resistance level at 74.20, then it may start a new up trend and its target price will be at 76.24. If the price breaks the support level at 72.72, then it may start a new down trend and its target price will be at 70.92.
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Rishikesh Lilawat has over seven years of experience in trading Forex and commodities markets, out of which three years in two investment banks as a professional Forex and commodities trader. He holds an M.B.A degree in finance and business analytics from the University of Pune. Realizing the central role of a trader and because of his personal and particular interest in trading, He built skills in market research, technical analysis, fundamental analysis, risk management, and fund management, etc and focus his efforts on communicating and sharing views on market trends and patterns.