AUD/JPY Long-Term Trend: Bearish
Key Resistance Levels: 81.551, 82.249, 83.1572.
Key Support Levels: 80.602, 78.910, 78.213.
Daily Time Frame:
The price on the higher time frame is in a clear downward movement where the market failed to move to the upside after posting a correction toward the 81.381 JPY mark. We have a bar with a long wick near this area showing that the sellers took control of the market.
AUD/JPY Medium-Term Trend: Bearish
1-Hr Time Frame:
On the lower time frame, the price is posting impulse and correction formation showing that the market is trending clearly to the downside. Recently, the price managed to break the bearish flag formation to the downside. a higher correction could be seen to the lower end of this pattern before a new bearish impulsive wave toward the target profits.
Sell Limit Order @ 81.381
TP 1 @ 80.724
TP 2 @ 78.910
Stop Loss @ 81.612
Trade Safely 🙂