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AUD/JPY Potential Upward Movement

AUD/JPY Long-Term Trend: Bullish

Key Resistance Levels: 83.826, 84.512, 84.609.

Key Support Levels: 83.132, 82.458, 82.203.

Daily Time Frame:

The price on the higher time frame is in a clear upward movement where higher highs and lows has been posted. Recently the market corrected to the support level where a new impulsive wave will push the price to the upside toward the next key resistance level.

AUD/JPY Medium-Term Trend: Bullish

1-Hr Time Frame:

On the lower time frame, the price is traded inside a bullish channel formation. An inverse head and shoulders has been posted near the support level around 83.10 JPY mark which could lead to a move upward toward the target profits. A lower correction could be posted before a new impulsive wave will be posted.

Buy Limit Order @ 83.100

TP 1 @ 83.725

TP 2 @ 84.512

Stop Loss @ 82.788

Trade Safely 🙂

In many cases we manually use market orders instead of pending orders to trade the trading ideas we send you. This is higher risk, and you can decide if it suits your trading style.

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.

2 comments

  1. In some trades you say “close buy market order @ ______”
    Can you please explain what does that mean?
    Does it mean that we should close the opened trade? Or we should open it manually?
    I don’t really understand

    • Hello Amru,

      What I mean by this if there is an open trade, I close it manually by signaling for you “Close Buy Market Order”, since I believe it might reverse and we lose the profits.

      Hope this explanation is clear and answered your question.

      Happy Trading.

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