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.
Buy Market Order @ 80.988
TP 1 @ 82.147
TP 2 @ 84.730
Stop Loss @ 80.639
Trade Safely 🙂