AUD/JPY: a chance for more
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Trade ideas
BUY 73.80; TP1 74.50; TP2 75.00; SL 73.45
BUY 74.55; TP 75.00; TP2 76.00; SL 74.35
There are many positive developments in AUD/JPY - a higher low formed last week, the close above the 100-day MA on Thursday (73.75) and the formation of the bullish “Rising three methods” pattern on the D1. On the H1, the pair is consolidating within a symmetric triangle. On H4, there’s bearish divergence. As a result, a short-term correction down is likely before the pair continues the advance. All in all, as long as it stays above 73.75, it will have a chance to rise to 74.50 (September highs) and 75.00 with the ultimate resistance at 76.00 (200-day MA).
