AUD/JPY Long-Term Trend: Bearish
Key Resistance Levels: 82.150, 82.422, 82.714
Key Support Levels: 81.809, 81.679, 81.320
The long term trend is bearish, but we seem to be playing a zig-zag pattern. If this is maintained, we need to see a push back to the resistance line of the pattern and then possibly come back down again.
AUD/JPY Medium-Term Trend: Bullish
Elliot wave hints at the possible beginning of a (d)-wave upwards. This is a pretty risky play as a bull trend hasn’t yet been developed, but price action is certainly signaling some sort of possible support area being formed here along the trend line.
Buy Market order @ 81.856
TP 1 @ 82.422
TP 2 @ 82.625
Stop Loss @ 81.559
Trade Safely 🙂