Breaking News

AUD/JPY | Possible Bullish Pull-back

AUD/JPY Long-Term Trend: Bearish

TradingView Chart

Key Resistance Levels: 82.150, 82.422, 82.714

Key Support Levels: 81.809, 81.679, 81.320

4-Hour Chart:

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

TradingView Chart

1-Hour Chart:

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.

Signal Idea:

Buy Market order @ 81.856

TP 1 @ 82.422

TP 2 @ 82.625

Stop Loss @ 81.559

Trade Safely 🙂

About Patrick Mwenge

A chartered accountant and trader, Patrick has 7 years of financial market experience, covering commodities,FX, equities as well as crypto currencies. Patrick leverages both long term Elliot wave analysis alongside volume and time price opportunity to explore trading opportunities on both long and short term timeframes.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Download My Free Robot

Get your Robot Now!

Free Robot!