AUD/JPY Long-Term Trend: Bullish
Key Resistance Levels: 84.225, 84.703, 85.864.
Key Support Levels: 82.923, 82.341, 81.977.
Daily Time Frame:
The price on the higher time frame failed to break the strong support level around the 82.937 JPY mark which led to a reversal especially after posting a bullish engulfing pattern. The market now is heading clearly toward the next key resistance level. lets try to find a trading idea on the lower time frame.
AUD/JPY Medium-Term Trend: Bullish
1-Hr Time Frame:
On the lower time frame, the price succeeded to break the bullish flag to the upside after finding buyers near the highlighted yellow zone. Also, we have noticed the higher lows and highs formation indicating that we are in a clear uptrend. A lower correction could be see before a new bullish impulsive wave toward the target profits.
Buy Market Order @ 83.575
TP 1 @ 84.145
TP 2 @ 84.703
Stop Loss @ 83.290
Trade Safely 🙂