AUD/JPY Trading Analysis (30/10/2024)
The trend is up. The pair is trading in a range between 365 and 135 EMAs. The bearish wave structure is truncated. There is a bullish divergence on the Awesome Oscillator, and the Stochastic Oscillator's signals an oversold condition.
Trading idea:
- Buy at the beginning of the formation of the ascending wave structure, when wave A breaks the sloping channel of the descending truncated structure.
- Stop loss under the local minimum of the descending truncated structure.
- Price targets at 101.20 and 101.65.
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