Like we're seeing on CADJPY
, we are seeing AUDJPY
price near its 50 SMA
, where a support level
also exists, where long wick candlesticks
are forming (suggesting buyers are stepping in), and where we have a 50% Fibonacci retracement
level from the recent swing low to swing high. I've set my entry order in the midst of this confluence at 94.71, while my stop loss is well beyond these levels at 94.20. My target profit is at resistance at 96.45.