Forex Trading Library

AUDJPY looking to take out horizontal resistance after Bullish hammer

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Monthly:  Prices have consolidated since December’s bullish hammer candle. 79.85 has continued to hold back the bulls. A break of this area should lead to a positive drive higher.

Daily: Trading within a sideways consolidation phase. Horizontal resistance comes in at 79.85 and prices remain supported by the Ichimoku cloud.

4 Hour: The short term price action has resulted in a break of the downward trending resistance and a throwback has also met with keen buying interest. This is expected to result in further bullish momentum to challenge the next resistance.

Action:

We look to Buy a break at 79.85

Stop: 78.40

Target: 83.85 & 86.00

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