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AUD/JPY Potential Upward Movement

AUD/JPY Long-Term Trend: Bullish

Key Resistance Levels: 81.50, 82.40, 83.00

Key Support Levels: 80.47, 79.56, 79.00

Daily Chart:

The price on the higher time frame failed to break the 80.47 USD mark, and it posted a higher low which signals a potential reversal and then a move to the upside in the opposite direction of the main trend.

AUD/JPY Medium-Term Trend: Bullish

4-Hour Chart:

On the lower time frame, the price succeeded to break the bullish flag formation to the upside after testing the 80.47 USD level. The market has moved higher and we expect a lower correction to the highlighted zone before a new impulsive wave to the upside.

Signal Idea:

Buy Limit Order @ 81.045

TP 1 @ 81.486

TP 2 @ 82.400

Stop Loss @ 80.877

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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