AUD/JPY has formed a bullish momentum divergence at a long-term support/resistance zone (defined by my algo - see Related Ideas for more info).
Short-term support is in the 71.50 area - so look for a retest of that level. It could be a good entry point.
Short-term resistance is in the 72.30 area. Once that level is cleared there's not much until we start hitting the long-term target zone of 74.40 - 74.80.
As always, it's best to wait for a favourable entry point. So a retest of the short-term support zone, or a breakthrough followed by retest of the short-term resistance are good R/R areas.
All the best.
DD
Short-term support is in the 71.50 area - so look for a retest of that level. It could be a good entry point.
Short-term resistance is in the 72.30 area. Once that level is cleared there's not much until we start hitting the long-term target zone of 74.40 - 74.80.
As always, it's best to wait for a favourable entry point. So a retest of the short-term support zone, or a breakthrough followed by retest of the short-term resistance are good R/R areas.
All the best.
DD
