On AUDJPY chart we notice that price has set a new high and tested area around psychological resistance level of 87.00. Pair have been moving for a long time in a growth channel and there is a strong advantage of demand over supply. Nearby support is around 85.50 level. This area coincides with lower limit of the growth channel and 50% of the FIBO abolition:
It is worth looking on lower TF chart.
On H1 we can see correction of recent increases. Price is heading towards support 85.50. Confluence for the zone from this time perspective is 61.8% of FIBO abolition and the growth trend line. Bullish candlestick formation will likely lead to continuation of the trend and open the way for further gains.
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