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MEX_Exchange

AUDJPY remain bullish with price testing pullback support

Long
Australian Dollar / Japanese Yen (FX:AUDJPY)  
MEX_Exchange  
FX:AUDJPY   Australian Dollar / Japanese Yen
Trend Analysis Harmonic Patterns Chart Patterns AUDJPY aud jpy audjpyshort audjpylong audjpysell audjpydaily Forex
3
0
trendanalysis harmonicpatterns chartpattern audjpy aud jpy audjpyshort audjpylong audjpysell audjpydaily forex
Buy above 87.53. Stop loss at 87.32. Take profit at 88.02.
Reason for the trading strategy (technically):
We remain bullish looking to buy above major support at 87.53 (Fibonacci retracement, horizontal swing low support, pullback support) for a push up to at least 88.02 resistance (Fibonacci retracement, horizontal swing high resistance).
RSI (34) has broken out of a descending resistance-turned-support line signalling that a change in momentum is fast approaching.
Correlation analysis: We are seeing JPY weakness across the board with bounces expected on EURJPY, AUDJPY and USDJPY.
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