AUDJPY is bouncing off the strong support
AUDJPY is bouncing off the strong support of 78.40, an uptrend line, and horizontal support. A confirmed continuation above this level will give us a higher probability of the long trade entries. A rejection here and a break below 78 is now required for downside reversal and a pullback. The overall medium-term is an uptrend but we need to see a confirmed continuation above 78.40 for an upside extension. This is pointing to be a good risk to reward entry short-term and possibly medium-term if stops survive below 78
Note – We are inclined to long trade entries with the stop loss below 78.
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