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AUD/JPY Potential Upward Movement

AUD/JPY Long-Term Trend: Bullish

Key Resistance Levels: 83.87, 84.08, 84.50

Key Support Levels: 83.43, 83.34, 83.00

Daily Chart:

The price on the higher time frame found support around the 83.03 USD mark and the buyers managed to take over the sellers around the 61.80% Fibonacci retracement which coincides with the bespoke support. This will lead to a reversal and then a move upward.

AUD/JPY Medium-Term Trend: Bullish

1-Hour Chart:

On the lower time frame, the pair is ranging inside a wedge formation where we expect a lower correction before breaking it to the upside and rally toward the mentioned target profit mentioned below.

Signal Idea:

Buy Limit Order @ 83.44

TP 1 @ 83.63

TP 2 @ 83.87

Stop Loss @ 83.37

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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