Strong support for AUD/JPY at 86.20, good to buy dips

FX:AUDJPY   Australian Dollar / Japanese Yen
957 3 19
AUD/JPY             has been trading within a rising channel since Sept 2015

The pair has held baseline support in Friday's trade and edged higher, retrace upto 87.94 (38.2% Fib of 90.72-86.21 fall) likely

RSI on 4H is at 45 and has room to run, Stochs have also rolled over from oversold levels, further gains likely

On daily charts , price action has edged above cloud top at 86.97, with next hurdle on the upside aligned at 87.42 (5 DMA), and immediate minor support at 86.50 and then at 86.20

Recommendation: Good to buy dips around 86.70, SL: 86.20, TP: 87.90
Congratulations! Your chart has been selected to be highlighted as the post of the day. This is a great example of trend analysis using a price channel.
Nice analysis
+1 Reply
thanks mate.very nice analysis
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