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AUD/JPY Potential Upward Movement

AUD/JPY Long-Term Trend: Bullish

Key Resistance Levels: 84.94, 85.44, 86.00

Key Support Levels: 84.62, 84.13, 84.00

Daily Chart:

The price is in a clear uptrend where it posted a big retracement with a form of a wedge around the 84.13 USD mark. The support halted the price to move to the downside and pushed it to the upside by breaking the wedge pattern. We are expecting further movement to the upside in the coming hours.

AUD/JPY Medium-Term Trend: Bullish

4-hour Chart:

On the lower time frame, the price posted a double bottom which led to the breakout and now it is trading above the relevant zone (highlighted area). A lower correction might be seen toward this area before a rally toward the target profit.

Signal Idea:

Buy Limit Order @ 84.63

TP 1 @ 84.94

TP 2 @ 85.44

Stop Loss @ 84.47

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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