The AUD/JPY pair on the M30 timeframe presents a potential buying opportunity due to the presence of a well-defined bullish channel pattern. This pattern suggests ongoing buying pressure and a higher likelihood of further advances in the coming minutes or hours.
Key Points:
Buy Entry: Consider entering a long position (buying) around the current price of 97.77, positioned near the channel support. This offers an entry point close to potential buying pressure.
Target Levels: Initial bullish targets lie at the previous resistance levels within the channel, now acting as potential support zones: 98.21 and 98.44. 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 support line of the channel, ideally around 97.60. This helps limit potential losses if the price breaks down and invalidates the bullish pattern.
Thank you
Key Points:
Buy Entry: Consider entering a long position (buying) around the current price of 97.77, positioned near the channel support. This offers an entry point close to potential buying pressure.
Target Levels: Initial bullish targets lie at the previous resistance levels within the channel, now acting as potential support zones: 98.21 and 98.44. 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 support line of the channel, ideally around 97.60. This helps limit potential losses if the price breaks down and invalidates the bullish pattern.
Thank you
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