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AUD/JPY Potential Upward Movement

AUD/JPY Long-Term Trend: Bullish

Key Resistance Levels: 82.162, 84.730, 85.466.

Key Support Levels: 80.464, 79.984, 78.722.

Daily Time Frame:

The price on the higher time frame posted a sell climax which shows that the downtrend is exhausted, and it might reverse in any time. In addition, we can see that this move coincide with the 78.60% Fibonacci retracement level, where the buyers might take control again and push the price again to the upside.

AUD/JPY Medium-Term Trend: Bullish

1-Hr Time Frame:

On the lower time frame, the market succeeded to break the bearish channel to the upside where it posted a Wyckoff accumulation phase with a shape of an inverse head and shoulders. This could lead to a reversal and a move to the upside in the opposite direction of the main trend.

Signal Idea:

Buy Market Order @ 80.988

TP 1 @ 82.147

TP 2 @ 84.730

Stop Loss @ 80.639

Trade Safely 🙂

In many cases we manually use market orders instead of pending orders to trade the trading ideas we send you. This is higher risk, and you can decide if it suits your trading style.

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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