AUDJPY - Possible Long Scenario - Update

4 Mar 2018

AUDJPY hit a major resistance area 81.45 - 81.92, and the fact that it closed above that area on the weekly timeframes gives me confirmation that the price will start to go up. Either to correctthe last leg down or spike even further to touch the red-dotten trendline you will have seen in my chart. There is also a clear uptrend channel that remained unbroken for months now, consider it as well. My targets for this long bias are: 86.20 - 87.46 ( which are prices equivalent to fibbonacci retracement levels 61.8 & 78.6 of the last leg down).

Just an idea, not a signal. Compare it with yours and leave a comment, letting me know what you think.

Trade with care