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AUD/JPY Potential Upward Movement

AUD/JPY Long-Term Trend: Bullish

Key Resistance Levels: 85.655, 85.843, 86.000.

Key Support Levels: 85.445, 85.368, 85.254.

1-Hr Time Frame:

The price on the higher time frame failed to continue below the strong support around the 85.500 JPY mark. The market left a fake out and rebounded above the bespoke support which could lead to a further movement to the upside in the coming hours.

AUD/JPY Medium-Term Trend: Bullish

Key Resistance Levels: 85.655, 85.843, 86.000.

Key Support Levels: 85.445, 85.368, 85.254.

1-Hr Time Frame:

The price on the higher time frame failed to continue below the strong support around the 85.500 JPY mark. The market left a fake out and rebounded above the bespoke support which could lead to a further movement 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 could be posted to the support level to bring back liquidity before a new bullish impulsive wave toward the target profits.

Buy Limit Order @ 85.470

Target Profit 1 @ 85.655

Target Profit 2 @ 85.843

Stop Loss @ 85.285

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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