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AUD/JPY Potential Upward Movement

AUD/JPY Long-Term Trend: Bullish

Key Resistance Levels: 85.12, 85.44, 86.00

Key Support Levels: 84.59, 84.13, 83.18

Daily Chart:

The price on the daily time frame is trending to the upside where it posted a wedge pattern as a retracement. The pair succeeded to break it to the upside by using bullish candlesticks with huge bodies showing that the bulls are in control. Further movement to the upside is expect in the coming hours.

AUD/JPY Medium-Term Trend: Bullish

1-hour Chart:

On the lower time frame, the price retraced to the 61.80 % Fibonacci retracement after breaking the wedge pattern. It posted a double bottom formation, and the price now is trading around the neckline. A move to the upside might be seen toward the target profit.

Signal Idea:

Buy Limit Order @ 84.80

TP 1 @ 85.12

TP 2 @ 85.44

Stop Loss @ 84.63

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.

8 comments

  1. AUDJPY nearly hit TP and reverse

  2. first free trade signal i have taken and really like the anaylsis was great to follow the thinking from the top down analysis to the lower time frame – i saw the signal late as alerts not on – but have been able to get into the trade so all good and keep up the good work

  3. Please tell how can we enter to take profit in metatrader 4 app

  4. Pls give trade advice on eurusd

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