Trade setups for AUD/JPY

Trade setups for AUD/JPY

It’s worth paying attention to AUD/JPY. The pair has approached the resistance line connecting April and May highs. Bullish momentum has recently declined; we can see that the Awesome Oscillator doesn’t confirm price highs. On the upside, the obstacle lies at 71.35. AUD/JPY needs to break higher in order to gain ability to get to 72.10 (200-day MA). On the downside, we see significant support at 70.45 (100-day MA) and 70.15 (previous highs). Below this point, targets will be at 69.70 and 69.20.

Overall, the pair can make another attempt to test 71.20/35 area and then turn to the mentioned support levels.

Trade ideas for AUD/JPY

BUY 71.45; TP 72.00; SL 71.30

SELL 71.00; TP1 70.45; TP2 69.70; SL 71.25

AUDJPYDaily.png

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The way EUR/GBP bottomed around 0.8700, then rose above 0.8870 and jumped from the trendline support at 0.8910 shows that the pair possesses bullish momentum.

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