AUDJPY is at support on H4 at the price of 92.70. This support will act as a catalyst for the mark up on the market. We will continue going long on AUDJPY from the support. Market structure is higher high and higher low on the pair. This deduces the trend as the bullish trend. 

The descending trendline has been broken out for the buys. After this breakout buy, we see market validating the prices and continue moving up. It is currently retracing and has the support formed. Once we see this bullish momentum or rejection from the support as price action, we will add the positions.

The golden retracement area of 75-78.6% is in confluence with the support level. This support will confluence and adhere to the retracement level. 

EMA 50 is bearish and the market is tapping the support region right now. Market would need to resort back above the EMA 50 as to consider the market in a bullish sentiment.

Buying AUDJPY from support

Aug 04 2022

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