AUDJPY started its bullish course from the bottom at the support price of 86.30. Since then, the market has been forming higher highs and higher lows which needs to be retraced, in order to form another bullish impulse towards the next resistance. We are looking for the long position at the support level of 87.40, which is a minor support. 

The ascending trendline is partially blanketing the price action and may infuse a confluence of the support and trendline.

The retracement level of 61.8% is in confluence with the support level. 

The EMA 50 just recently broke out towards the bullish side. This breakout buy needs to be retested which would be done at the support level, aligned with the trendline and the retracement.

RSI is at 55. It also needs to be neutralized at the level of support and at the 50 area of oscillators. RSI needs to be neutralized in order to push the market sentiment upwards.

AUDJPY minor retest and longs

Mar 29 2023