AUDJPY - Long Setup 23/08/2021
AUDJPY on monthly timeframe, price have been making a series of higher high and higher lows and now have retraced back to the previous high at 78.042 which is in confluence with the 61.80% fib retracement. There is a long set up at this level and to play it to at least 80.349 which is the previous support level of the accumulation, and in respect of the bearish trendline and with both the 50 EMA and 200 EMA in the daily timeframe.
In the hourly timeframe, price have shown a clear rebound from the monthly level, and been starting to form an uptrend, possible entry level to be at 78.426 which is the most recent and immediate support level and Stop loss to be conservatively place at 77.467
In the hourly timeframe, price have shown a clear rebound from the monthly level, and been starting to form an uptrend, possible entry level to be at 78.426 which is the most recent and immediate support level and Stop loss to be conservatively place at 77.467
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