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AUD/JPY Potential Upward Movement

AUD/JPY Long-Term Trend: Bullish

Key Resistance Levels: 84.636, 84.990, 85.200.

Key Support Levels: 84.247, 83.975, 83.800.

1-Hour Time Frame:

The price on the higher time frame failed to continue its move to the downside below the 83.240 JPY mark. A huge bullish bar has been posted showing that the buyers are in control of the market. This will lead to a reversal and a move to the upside in the coming hours.

AUD/JPY Medium-Term Trend: Bullish

10-Mins Time Frame:

On the lower time frame, the buyers succeeded to break the bearish trend line to the upside after a double bottom formation. A lower correction has been posted to the support level to bring back liquidity before a new bullish impulsive wave toward the target profits.

Buy Market Order @ 84.284

Target Profit 1 @ 84.636

Target Profit 2 @ 84.990

Stop Loss @ 83.932

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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