Lingrid | AUDJPY Overbought Correction: Short at Key Resistance

The price perfectly fulfilled my previous idea. AUDJPY is testing the 99.80 resistance area after a sharp rebound from the 97.50 consolidation zone. Price action shows a clear higher-low formation within the upward channel, with projection signaling a possible correction phase. If price fails to sustain above 97.80, a retracement toward 98.425 remains probable. The market may filled the big gap below. Broader structure suggests a maturing bullish leg that could face resistance near the 100.000 psychological level.

⚠️ Risks:

• A breakout above 100.000 could invalidate the short-term correction outlook.
  
• Unexpected Bank of Japan or RBA policy comments may trigger volatility.
  
• Stronger global risk sentiment might support continued yen weakness.

If this idea resonates with you or you have your own opinion, traders, hit the comments. I’m excited to read your thoughts!