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AUD/JPY Potential Downward Movement

AUD/JPY Long-Term Trend: Bearish

Key Resistance Levels: 84.59, 85.44, 85.71

Key Support Levels: 84.13, 83.09, 82.78

Daily Chart:

The price on the higher time frame failed to probe above the daily resistance around the 85.71 USD mark. This led to a reversal and the market is moving to the downside. In addition, the market managed to break the daily support (84.94 USD) which is now a resistance.

AUD/JPY Medium-Term Trend: Bearish

1-hour Chart:

On the 1-hour time frame the price is trading inside a wedge formation where we expect a higher correction around the 84.73 USD level. After that move sellers will jump in and most probably push the price to the downside again.

Signal Idea:

Sell Limit Order @ 84.71

TP 1 @ 84.29

TP 2 @ 84.13

Stop Loss @ 84.88

Trade Safely 🙂

About Joe Damien

Joe is a proven Forex analyst and manual trader with 6 years of full-time trading experience. He is a swing trader that relies on price action, market structure and Fibonacci retracement. His two most successful pairs are CHF/JPY, CAD/JPY, but his expertise allows him to profit on any asset or pair.

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