From the beginning of the week, the support retest at 81.75 is ongoing. I wrote about this in yesterday’s AUDJPY analysis. For now, both the upward and downward scenario is in play. In both cases, traders can earn over 150 pips. However, we must wait for the current situation to be resolved.
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Recalling last week, the price of AUDJPY broke through easily resistance at 81.75, which should now act as support. Monday began with a downward correction, but the price quickly returned to the above-mentioned level. Currently, its retest takes place, at the time of writing the analysis, the price is ideally supported.
There are currently two scenarios. In the case of rebound from support, you will be able to open a long position with a resistance target of 83.60, which gives close to 200 pips of growth. If support is not maintained, you will have to wait for its retest from the bottom and if successful, you can open the short with a goal at the round level of 80.00. This should give you about 150 pips of profit, depending on where you enter the position.