The AUD/JPY pair has recently broken out of a long-term descending trendline, signaling a strong shift in market structure. This breakout was supported by multiple bullish BOS (Break of Structure) and ChoCH (Change of Character) signals, indicating institutional buying interest. Price has since retested the breakout zone and is showing signs of continuation, now consolidating just below a key supply zone. With momentum building and previous resistance flipping to support, I’ve entered a long position at 95.65, aiming for a clean push toward the next major resistance at 98.13.
This trade setup aligns with the overall bullish sentiment supported by strong volume during recent rallies and the current market structure. The stop loss is set at 94.94, just below a key demand zone, allowing room for healthy retracement without invalidating the setup. MFI remains neutral, giving the pair more upside potential, while the Stochastic suggests short-term consolidation may be nearing completion. If momentum continues to build, a breakout toward the target is highly probable.
This trade setup aligns with the overall bullish sentiment supported by strong volume during recent rallies and the current market structure. The stop loss is set at 94.94, just below a key demand zone, allowing room for healthy retracement without invalidating the setup. MFI remains neutral, giving the pair more upside potential, while the Stochastic suggests short-term consolidation may be nearing completion. If momentum continues to build, a breakout toward the target is highly probable.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.