The AUDJPY currency pair continues to be dominated by bullish momentum, as multiple golden cross patterns reaffirm the strength of the ongoing uptrend. Despite this, we are witnessing a much-needed correction that began yesterday, bringing the pair down by approximately 60 pips. This retracement is a natural part of market cycles, allowing the pair to consolidate before potentially resuming its upward trajectory.
At this point, we expect the pullback to extend further, aiming for an additional 30-pip decline before considering a buy entry. The key level to watch is 94.50, which serves as a critical buying zone due to its alignment with the 38% Fibonacci retracement level. Historically, this area has acted as a strong support, preventing deeper declines and often triggering rebounds. Given its significance, we anticipate a renewed wave of buying pressure once the price reaches this level, making it an ideal entry point for a long position.
Our trade strategy involves setting a profit target at 96.00, ensuring a favorable risk-to-reward ratio. Meanwhile, to protect against unexpected volatility, our stop-loss (SL) will be placed 1.2% below the entry price. This cautious approach allows us to manage risk effectively while capitalizing on the broader bullish trend.
Profit & Loss
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