AUD/JPY Long

Market Analysis:
Asset: AUD/JPY
Timeframe: 1-Hour
Bullish Divergence: Observed on the 1-hour RSI, indicating a potential reversal.
Trendline Breakout: Price is testing a downward trendline, hinting at a possible breakout to the upside.
4-Hour Trend: Confirmed bullish trend, providing higher timeframe confluence for the long setup.
Trade Setup:
Entry Point:

Enter a buy position on the breakout and close above the trendline with confirmation.
Stop-Loss:

Place the stop-loss below the recent swing low or key support zone around 97.50.
Take-Profit Levels:

TP1: 98.98 (prior resistance zone).
TP2: 99.55 (further resistance and psychological level).
Risk Management:
Position Size: Use proper risk management, risking no more than 1-2% of your trading capital.
Risk-Reward Ratio: Aim for at least a 1:2 R/R ratio for this setup.
Additional Confirmation:
Volume Analysis: Look for an increase in buying volume during the breakout.
RSI: Ensure RSI remains above 50 to confirm bullish momentum.