AUD/JPY Long-Term Trend: Bullish
Key Resistance Levels: 80.706, 81.508, 82.650.
Key Support Levels: 79.576, 77.944, 76.751.
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
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.
Buy Limit Order @ 80.124
TP 1 @ 80.686
TP 2 @ 81.508
Stop Loss @ 79.950
Trade Safely 🙂