AUD/JPY | Possible Bullish Pull-back

AUD/JPY Long-Term Trend: Bearish

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

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 🙂