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AUD/JPY forecast for January 28, 2021

Looking at the chart on the weekly time frame, we see that the AUD/JPY pair is making a smaller pullback within the bullish trend from last year, currently testing the MA200 and EMA200 as long-term trend support. We can say that the AUD/JPY pair is now consolidating around 80.00 in the next short term. The break above that consolidation takes us into the zone at 82.50, while otherwise, the break below this consolidation can see a couple down in the zone around 77.50. other moving averages, we can follow them from the technical side as supporting the pair on the chart; the break below them pushes the pair deep down into the Australian dollar’s negative side. AUD/JPY
On the daily time frame, we see that the AUD/JPY  pair is moving in one ascending triangle and that it has now reached the top of that triangle by narrowing the movement on the chart. We can expect some major movement on the chart soon. TheAUD/JPY  pair is currently below MA20 and EMA20, and for now, only they are technically on the negative side for this pair while the rest still supports. In the second half of January, we see the pair slowly declining away from high, with 80.90 making a pullback. The first support zone is at 78.50, which coincides with the bottom line of the trend. Whether the couple will break below that line will depend a lot on the global economic situation and the speed of distribution and application of coronavirus vaccines. AUD/JPY

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In the four-hour time frame, we see that the AUD/JPY  pair forms a descending channel that directs the pair to the trend’s bottom line. From the top, we see the pressure of moving averages MA20, MA50, and EMA20, while the pair is now testing MA200 and EMA 200 on this time frame. If we see a break below these two important indicators MA200 and EMA200, we will see AUD/JPY pair at 78.50 where there will be even more pressure on the Australian dollar. To continue the bullish trend, we first need to exit that smaller channel above 80.00. In the next short term, we can expect the bearish option to continue. AUD/JPY

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