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AUD/JPY Potential Upward Movement

AUD/JPY Long-Term Trend: Bullish

Key Resistance Levels: 80.706, 81.508, 82.650.

Key Support Levels: 79.576, 77.944, 76.751.

Daily Chart:

The price on the higher time frame reversed once it found support around the 77.944 USD mark and it managed to break the daily resistance around the 79.576 USD level. This resistance became a support and it posted a bullish engulfing pattern signaling a further movement to the upside.

AUD/JPY Medium-Term Trend: Bullish

4-Hour Chart:

On the lower time frame, the price is posting higher highs and lows signaling that we are in a clear uptrend. The price posted a correction count to the previous swing high. This coincide with a 61.80 % Fibonacci retracement which could lead to a move to upside toward the next key level.

Signal Idea:

Buy Limit Order @ 80.124

TP 1 @ 80.686

TP 2 @ 81.508

Stop Loss @ 79.950

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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