AUD/JPY potential long idea.
Looking through the weekly chart, AUD/JPY looks to have began a new bullish trend after creating new higher highs and rejecting further lower lows. Price has retraced after creating higher highs and rejected the 50% fibonacci level as highlighted on the left. This was supported with a technical strength score of +2.
Looking closer on the hourly chart, price put in play a short term bearish trend which has now been broken. I would look to enter a long trade on this pair if I witnessed a price pullback and rejection of the 62.8% fibonacci level coinciding with the previous lower high as highlighted on the right. I would then look for an entry on the 5 minute chart with some candlestick rejection and confirmation. Targeting the 88.000 Monthly key level.
Looking closer on the hourly chart, price put in play a short term bearish trend which has now been broken. I would look to enter a long trade on this pair if I witnessed a price pullback and rejection of the 62.8% fibonacci level coinciding with the previous lower high as highlighted on the right. I would then look for an entry on the 5 minute chart with some candlestick rejection and confirmation. Targeting the 88.000 Monthly key level.
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