AUDJPY Potential Buy Setup

FX:AUDJPY   Australian Dollar / Japanese Yen
189 2 17
Price is consolidating at a key level. MACD divergence signals that the down move is losing steam. Watch for a breakout above this consolidation and you may go long.

Key level:
Why do you think that zone is a key level? I think it will continue to decline and test a new low
Looking left we may see that price bounced from that level several times. In addition we had a MACD divergence which shows that this down move was losing steam and is about to reverse. But i always wait for a pattern to form at these zones. Here nothing happened so i didn't get involved. I hope that helps..!
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