AUDJPY Our trading plan on this Channel Up.

The AUDJPY pair gave us the pull-back we wanted last time (November 03) and delivered a buy opportunity that hit our 97.675 target (see chart below):


The price has since pull-back and rebounded just before testing the 1D MA200 (orange trend-line). Even though it is still restrained below the 1D MA50 (blue trend-line), as long as the 1D MA200 holds, we expect this sequence to be the new bullish leg of the Channel Up, similar to the post July 28 bottom. The Higher High that followed, peaked just above the 1.136 Fibonacci extension level and as a result, our current target is 99.300.

If however the price breaks and closes a 1D candle below the 1D MA200, we will take the loss and attempt to cover it by shorting towards 91.800 (Support 1).

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