The AUD/JPY pair on the M30 timeframe presents a potential buying opportunity due to the presence of a well-defined megaphone pattern. This pattern, characterized by expanding channel lines, can suggest both bullish and bearish continuations depending on the context. However, in this case, certain factors point towards a potential upside move.
Buy Entry: Consider entering a long position around the current price of 98.28, positioned close to the breakout level. This offers an entry point near the perceived shift in momentum.
Target Levels: Initial bullish targets lie at the previous resistance levels within the megaphone, now acting as potential support zones: 98.73 and 98.94. Further upside targets could be determined using other technical analysis methods like Fibonacci retracements or extensions.
Stop-Loss: To manage risk, place a stop-loss order below the broken resistance line of the megaphone, ideally around 97.95. This helps limit potential losses if the price reverses and breaks back downwards.