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AUD/JPY Potential Upside Movement

Key Resistance Levels: 81.30, 82.08, 82.78

Key Support Levels: 80.26, 79.69, 78.76

AUD/JPY Price Long-Term: Bullish

Daily Chart:

The pair is in a clear uptrend on daily time frame before entering a flag formation signaling an exhaustion of the trend. However, the price managed to break the flag pattern to the upside and retrace to the daily support level @ 80.82 price.

AUD/JPY Medium-Term Trend: Bullish

1-hour Chart:

On the 1-hour time frame, the price is respecting the support trendline (blue line) and posted a correction count toward the 38.20% Fibonacci level @ 80.66 price which might lead to a move upward to the 81.30 mark.

Signal Idea:

Buy Order @ 80.98

TP 1 @ 81.30

TP 2 @ 82.08

Stop Loss @ 80.82

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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