AUDJPY Weekly Forex Forecast 23rd September to 29th September by yshashmi37 on

Midterm forecast:

While the price is above the support 78.70, beginning of uptrend is expected.
We make sure when the resistance at 80.50 breaks.
If the support at 78.70 is broken, the short-term forecast -beginning of uptrend- will be invalid.
We will close our open trades, if the Midterm level 80.50 is broken.
Technical analysis:

The RSI bounced from the resistance #1 at 50 and it prevented price from more gains.
While the RSI downtrend #2 is not broken, bearish wave in price would continue.
A trough is formed in daily chart at 78.70 on 09/07/2018, so more gains maximum to Major Resistance (80.50) is expected.
Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains.
Relative strength index ( RSI ) is 46.

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