Chart of the Day – AUDJPY – (November 1st, 2021)

Currently the AUDJPY is set up in a wedge. Some would call this a bullish wedge as the highs are constant near the 86.00 level and the lows are higher. However, since this is a major resistance from the spike highs back in May 2021, we are just going to consider this as major resistance, especially with the RBA rate decision overnight. A move above the 86.00 level would be very bullish for the pair, but a break below the 84.70 level would hear calls for a longer term double top. Price action the 24hrs following the RBA decision will be key for the pair.